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Speculation loss

This query is : Resolved 
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(Querist)
23 February 2012 Dear Sir,

Can, Profit & Gain of Business or Profession of a partnership firm, be adjusted against Speculation Loss ?

This Partnership Firm is into Mfr & Seller of Gold Studded Ornaments & also doing speculation of Gold & Silver in MCX.

In this case, can speculation loss of MCX be adjusted against profit of main business ( of mfr & sell of ornaments ? ) ?

thanks in advance
anckoora
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B.COM, ACA, DISA Namrata

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B.COM, ACA, DISA Namrata (Expert)
23 February 2012 No speculation loss can be setoff only against speculation profits.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
23 February 2012 Speculation loss can only be set off from speculation profits.

Speculation loss cannot be set off against normal business income.
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