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

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