2004 (7) TMI 25

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.... certain loss was incurred but the same could not be adjusted or set off against any income of any other speculation business in that year, namely 1996-97. This speculation loss was carried forward and was adjusted against an income from speculation business for the year 1997-98. Learned counsel for the appellant pointed out that in view of sub-section (1) of section 73, this speculation loss coul....

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....rescribes that loss of the speculation business of a particular previous year can be carried forward to the subsequent previous year and be set off or be adjusted against the income of any speculation business of the previous year following. The word "any" used in sub-section (2) of section 73 is inclusive. It can be set off or adjusted against the income of the same speculation business or agains....