https://www.taxtmi.com/caselaws?id=276381 The proviso to section 24(1) of the Indian Income-tax Act, 1922 was held to govern computation within the head of business, profession or vocation, not merely inter-head set-off. Because the language specifically excluded speculative losses from adjustment except against speculative profits, such losses could not be set off against profits from other non-speculative business activities within the same head. The statutory exception therefore controlled the method of computation under business income and barred use of speculative loss against other business profits. The reference was answered in the negative. en-us Mon, 07 Sep 1959 00:00:00 +0530 Thu, 08 Nov 2018 15:22:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276381 The proviso to section 24(1) of the Indian Income-tax Act, 1922 was held to govern computation within the head of business, profession or vocation, not merely inter-head set-off. Because the language specifically excluded speculative losses from adjustment except against speculative profits, such losses could not be set off against profits from other non-speculative business activities within the same head. The statutory exception therefore controlled the method of computation under business income and barred use of speculative loss against other business profits. The reference was answered in the negative. Case-Laws Income Tax Mon, 07 Sep 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276381