Case Law Details
CASE LAWS DETAILS
DECIDED BY: HIGH COURT OF BOMBAY,
IN THE CASE OF: CIT Vs Lokmat Newspapers Pvt. Ltd., APPEAL NO: ITA (L) No. 3005 of 2009, DECIDED ON: ITA (L) No. 3005 of 2009
RELEVANT PARAGRAPH
6. Sub section (1) of Section 73 provides that the loss in respect of a speculation business can be set off only against the profits and gains of another speculation business. Sub section (2) of Section 73 enables an assessee to carry forward the loss arising out of a speculation business which has not been set off e their wholly or partly under the provisions of sub section (1).A loss from a speculation business which has not been set off e their entirely or n part, can be carried ed forward to the following Assessment Year and can be set off against the profits and gains, if any, of a speculation business carried on by the assessee and assessable for that Assessment Year. If the loss cannot be wholly set off, the amount of loss which is not so set off, can be carried forward to the following Assessment Year. However, a loss cannot be carried forward for more than four Assessment Years immediately succeeding the Assessment Year in which the loss was first computed.
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