Non-Speculative Business Loss can be set off against speculative Business Income

CIT Vs. M/S Ramshree Steels Pvt. Ltd (Allahabad High Court) Issues Under Consideration I. Whether the ITAT was correct in law and on facts in holding that non ­speculative business loss of current year and carry forward non ­speculative business loss of earlier years can be set off from the income of speculative business of the current years? II. Whether the ITAT was in error in allowing loss in non ­speculative business to be set off from income of speculative business without appreciating that set off of loss against income is governed by and limited to provisions of Sections 72 and 7...