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2013 (2) TMI 212 - DELHI HIGH COURTRe computation of income - first sett-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income - Held that:- There is no merit in the appeal and no substantial question of law arises. Circular No.23D of 1960 dated 12.9.1960 of the CBDT which conceded that speculation losses carried forward from previous years may be first set off against the speculation profits before being set off against any other current profits, if that procedure is more beneficial to the assessee There is no dispute that the circular (supra) has not been withdrawn and therefore would still govern the treatment to be given to the brought forward speculation losses though it was issued under the 1922 Act. It is not the case of the revenue that the provisions of section 24 of the old Act and section 73 of the new Act are materially different and therefore the circular can have no application under the new Act. The order of the Tribunal is in conformity with the legal position that beneficial circulars issued by the CBDT are binding on the income tax authorities see Navnit Lal Zaveri vs. K.K.Sen (1964 (10) TMI 16 - SUPREME COURT) - appeal dismissed as without merit.
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