https://www.taxtmi.com/caselaws?id=289878 Speculative jobbing losses could not be adjusted against brokerage profits in computing business income because the first proviso to section 24(1) was treated as a substantive restriction on the computation of business profits under section 10. On that construction, speculative losses are excluded at the computation stage except to the extent of speculative profits from other speculative business, so they cannot be set off against non-speculative business income of the same year. The reference was answered against the assessee and in favour of the Revenue. 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 Speculative jobbing losses could not be adjusted against brokerage profits in computing business income because the first proviso to section 24(1) was treated as a substantive restriction on the computation of business profits under section 10. On that construction, speculative losses are excluded at the computation stage except to the extent of speculative profits from other speculative business, so they cannot be set off against non-speculative business income of the same year. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 16 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289878