https://www.taxtmi.com/caselaws?id=39905 Speculative loss of a registered firm excluded from current computation under the first proviso to section 24(1) of the Income-tax Act, 1922 was not required to be apportioned between partners. The second proviso to section 24(1) applied only to loss remaining after the principal clause and first proviso, so the phrase "any such loss" did not cover speculative loss kept outside computation. The scheme of section 24(2) and proviso (c) allowed such unabsorbed speculative loss to be carried forward and set off only against later speculation profits. The earlier speculative losses were therefore available for set-off against subsequent speculative profit. en-us Tue, 11 Oct 1966 00:00:00 +0530 Wed, 13 Aug 2014 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39905 Speculative loss of a registered firm excluded from current computation under the first proviso to section 24(1) of the Income-tax Act, 1922 was not required to be apportioned between partners. The second proviso to section 24(1) applied only to loss remaining after the principal clause and first proviso, so the phrase "any such loss" did not cover speculative loss kept outside computation. The scheme of section 24(2) and proviso (c) allowed such unabsorbed speculative loss to be carried forward and set off only against later speculation profits. The earlier speculative losses were therefore available for set-off against subsequent speculative profit. Case-Laws Income Tax Tue, 11 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39905