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1 - 2 of 2 (0.29 seconds)Commissioner Of Income-Tax, U.P vs Jagannath Mahadeo Prasad, Etc on 2 August, 1968
4. So far as the question, whether speculation loss can be set off against the income, profits or gains of non-speculative business is concerned, the Supreme Court in the case of Commissioner of Income-tax v. Jagannath Mahadeo Prasad, [1969] 71 I.T.R. 298 (S.C.) has held that an assessee is not entitled to set off speculative losses against profits from other business activities of the same year for the purpose of computing the income, profits and gains under Section 10(1) of the Indian Income-tax Act. In view of this decision, the decision of this court in I.T.R. No. 777 of 1961 is no more good law.
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