Setting off of speculative losses against non-speculative profit unsustainable

Vision Millenium Exports P. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that loss arising on settlement of contracts has to be treated as speculation loss and speculative losses are not eligible for set off against the non-speculation profit. Facts- The assessee e-filed return of income on 29.09.2015 declaring total loss of Rs.25,50,57,463/ -. The return of income filed by the assessee was selected for scrutiny and statutory notices u/s under Income-tax Act, 1961 were served upon the assessee. The assessment was completed on 21.12.2017 after disallowing the loss of Rs.26,88,98,500/ – on ...