https://www.taxtmi.com/caselaws?id=289878 The court ruled that the loss in jobbing transactions cannot be set off against brokerage profits under section 24(1) of the Income Tax Act due to the specific restrictions outlined in the proviso to section 24(1). The court emphasized that the proviso operates as a substantive provision governing the computation of profits and losses under the head of business, profession, or vocation. The decision upheld the restrictive nature of the proviso, affirming that it dictates the quantum of profit or loss eligible for set-off under section 24(1). The assessee was directed to bear the Commissioner's costs, concluding the matter definitively. en-us Tue, 16 Feb 1960 00:00:00 +0530 Fri, 28 Aug 2020 11:30:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289878 The court ruled that the loss in jobbing transactions cannot be set off against brokerage profits under section 24(1) of the Income Tax Act due to the specific restrictions outlined in the proviso to section 24(1). The court emphasized that the proviso operates as a substantive provision governing the computation of profits and losses under the head of business, profession, or vocation. The decision upheld the restrictive nature of the proviso, affirming that it dictates the quantum of profit or loss eligible for set-off under section 24(1). The assessee was directed to bear the Commissioner's costs, concluding the matter definitively. Case-Laws Income Tax Tue, 16 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289878