1964 (5) TMI 51

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... gs for the assessment year 1957-58, the assessee claimed that the losses form the transactions in sarson should be adjusted against the profits from its other business. It alleged that the adjustment should be allowed because the transactions were hedging transactions. The Income Tax Officer, however, found that the transactions were not hedging transactions but were speculative transactions and b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 14, 1964), that an assessee is entitled to an adjustment of speculative losses against the profits from the other business in the computation of income, profits and gains under section 10(1) and that the Income Tax Officer is not entitled to disallow the claim to such adjustment by reference to the proviso to section 24(1). We accordingly answer the question in the affirmative. A copy of this .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X