(2)Where for any tax year, loss computed in respect of a speculation business cannot be wholly set off under sub-section (1), so much of the loss not so set off or the whole loss, as the case may be, shall be carried forward to the following tax year and—(i)be set off against the profits and gains, if any, of any speculation business carried on by him for such tax year; and(ii)if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following tax year and so on.
