Speculation gain can be set off against carried forward speculation loss

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 ...