https://www.taxtmi.com/caselaws?id=289879 Speculative losses were held not to be set off against other income or ordinary business profits, because the second proviso to section 24(1) of the Income-tax Act, 1922 excluded such losses except to the extent of speculative profits. The Court rejected the assessee's argument that the claim was only an adjustment of business loss under section 10, holding that the proviso controlled the computation of business income as well as the set-off rules. The placement of the proviso in section 24(1) did not confine its operation to that section alone. The reference was answered against the assessee and in favour of the Revenue. 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 Speculative losses were held not to be set off against other income or ordinary business profits, because the second proviso to section 24(1) of the Income-tax Act, 1922 excluded such losses except to the extent of speculative profits. The Court rejected the assessee's argument that the claim was only an adjustment of business loss under section 10, holding that the proviso controlled the computation of business income as well as the set-off rules. The placement of the proviso in section 24(1) did not confine its operation to that section alone. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 01 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289879