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1967 (6) TMI 17 - HC - Income Tax
Amount was sought to be set off against certain unabsorbed speculative loss, brought forward from earlier years, on the theory that the amount of difference obtained from the Japanese company was a speculative profit - held that transaction did not fall within the meaning of speculative transaction as in Expln. 2 to the third proviso to s. 24(1) - so ITO rightly disallowed the claim