https://www.taxtmi.com/caselaws?id=20595 The High Court upheld the Tribunal's decision that speculation profit cannot be set off against other income, in line with sections 71, 72, and 73 of the Income-tax Act, 1961. It emphasized the segregation of speculation losses and profits, stating that speculation losses can only be set off against profits from another speculation business. The Court held that speculation business should be treated separately, allowing any speculation profit after set off of earlier losses to adjust losses from other businesses. The judgment favored the assessee, affirming the distinct treatment of speculation business losses and profits. en-us Mon, 23 Sep 1991 00:00:00 +0530 Mon, 16 Nov 2009 10:27:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20595 The High Court upheld the Tribunal's decision that speculation profit cannot be set off against other income, in line with sections 71, 72, and 73 of the Income-tax Act, 1961. It emphasized the segregation of speculation losses and profits, stating that speculation losses can only be set off against profits from another speculation business. The Court held that speculation business should be treated separately, allowing any speculation profit after set off of earlier losses to adjust losses from other businesses. The judgment favored the assessee, affirming the distinct treatment of speculation business losses and profits. Case-Laws Income Tax Mon, 23 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20595