Speculation Profit can be set off against carried forward speculation losses first

HIGH COURT OF DELHI Commissioner of Income-tax, Delhi-VIII Versus Ashok Mittal IT Appeal No. 26 of 2013 FEBRUARY  7, 2013  JUDGMENT R.V. Easwar, J. The revenue has proposed the following questions, stated to be substantial questions of law, in this appeal filed under section 260A of the Income Tax Act, 1961:- “A. Whether the ITAT was correct in the eyes of law in affirming the order of the CIT (A) directing the AO to re-compute the income of the assessee in order to give the appeal effect by first setting-off the carry forward speculative losses against the speculati...