https://www.taxtmi.com/caselaws?id=39267 A binding revenue circular on speculation loss adjustment required current year speculation profits to be set off first against brought-forward speculation losses, before other losses were considered. The court held that the circular governed the manner of adjustment and had to be given effect by the taxing authorities. On the facts, the refusal to allow the carried forward speculation losses to be adjusted against the speculation profit was unjustified, and the issue was decided in favour of the assessee. en-us Thu, 10 Jul 1975 00:00:00 +0530 Wed, 14 Apr 2010 12:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39267 A binding revenue circular on speculation loss adjustment required current year speculation profits to be set off first against brought-forward speculation losses, before other losses were considered. The court held that the circular governed the manner of adjustment and had to be given effect by the taxing authorities. On the facts, the refusal to allow the carried forward speculation losses to be adjusted against the speculation profit was unjustified, and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 10 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39267