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1977 (2) TMI 1 - SC - Income TaxWhether loss in hedging transactions of banned items can be set off against profits of same year and whether such loss can be carried forward for set off in subsequent years - loss in hedging transaction of banned items could not be set off against profits of the same previous year under s. 24(1) - such a loss also could not be carried forward for set off against profits in the later years - Questions are answered in the negative and in favour of the department
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