https://www.taxtmi.com/caselaws?id=38587 The 1961 Income-tax Act displaced the earlier right to carry forward speculative losses where its transitional and set-off scheme applied. Although unabsorbed speculative losses under the 1922 Act were treated as substantive rights, section 75 required losses of a registered firm to be apportioned to partners, and only partners could then carry forward and set off such losses under section 73. Section 297(2) operated as a self-contained repeal and saving code, so the earlier right under section 24(2) was not preserved for the firm beyond what the new Act expressly saved. The reference was answered against the assessee and in favour of the Revenue. en-us Fri, 16 Apr 1976 00:00:00 +0530 Wed, 07 Apr 2010 13:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38587 The 1961 Income-tax Act displaced the earlier right to carry forward speculative losses where its transitional and set-off scheme applied. Although unabsorbed speculative losses under the 1922 Act were treated as substantive rights, section 75 required losses of a registered firm to be apportioned to partners, and only partners could then carry forward and set off such losses under section 73. Section 297(2) operated as a self-contained repeal and saving code, so the earlier right under section 24(2) was not preserved for the firm beyond what the new Act expressly saved. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Fri, 16 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38587