https://www.taxtmi.com/caselaws?id=39428 Illegal speculative losses may be deducted only in computing the profits of the same business under section 10(1), because that provision recognises real business income after accounting for losses actually incurred. The Gujarat HC held that the Supreme Court ruling in S. C. Kothari did not authorise a general set-off of such losses against other business income. A claim for cross-set-off was therefore unsustainable merely because the assessee carried on both lawful and unlawful activities in the same business structure. The assessee was not entitled to set off the illegal speculative losses against other business income. en-us Fri, 19 Sep 1975 00:00:00 +0530 Fri, 16 Apr 2010 13:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39428 Illegal speculative losses may be deducted only in computing the profits of the same business under section 10(1), because that provision recognises real business income after accounting for losses actually incurred. The Gujarat HC held that the Supreme Court ruling in S. C. Kothari did not authorise a general set-off of such losses against other business income. A claim for cross-set-off was therefore unsustainable merely because the assessee carried on both lawful and unlawful activities in the same business structure. The assessee was not entitled to set off the illegal speculative losses against other business income. Case-Laws Income Tax Fri, 19 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39428