Set off and carry forward of losses from speculation business.

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..... r speculation business for the said tax year. (2) The unabsorbed speculation business loss for any tax year shall be carried forward to the subsequent tax year and shall be set off only against the profits and gains of speculation business, if any, computed for such subsequent tax year, and so on. (3) The unabsorbed speculation business loss referred to in sub-section (2) shall not be carried fo .....

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..... is not wholly, set off against profits and gains, if any, of another speculation business under sub-section (1) for the said tax year. (6) The provisions of sub-section (5)(a) shall not apply to an assessee, being a company, if- (a) its gross total income consists mainly of income which is chargeable under the heads "Income from house property", "Capital gains" or "Income from other sources"; .....

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