https://www.taxtmi.com/caselaws?id=289879 The proviso to section 24(1) prescribes that losses from speculative transactions are excluded from computation of profits and gains of business except to the extent of profits from other speculative businesses; the proviso operates substantively and governs set off even when computing income under section 10. Applying the principle that a proviso carves out an exception to the main enactment, the analysis concludes that speculative losses cannot be set off against non speculative business income, with earlier authorities on the point considered and followed. en-us Thu, 01 Sep 1960 00:00:00 +0530 Fri, 28 Aug 2020 11:30:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289879 The proviso to section 24(1) prescribes that losses from speculative transactions are excluded from computation of profits and gains of business except to the extent of profits from other speculative businesses; the proviso operates substantively and governs set off even when computing income under section 10. Applying the principle that a proviso carves out an exception to the main enactment, the analysis concludes that speculative losses cannot be set off against non speculative business income, with earlier authorities on the point considered and followed. Case-Laws Income Tax Thu, 01 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289879