can b/f business loss be adjusted with speculation business profit.
taxman ready reckoner says yes-
Bombay chartered Accountants Society's website says -yes
some others say - no
What is the more realistic answer- backed by Ciatation pls.
Dalbir
5 Replies
Nitika
(student)
(72 Points)
Replied 17 December 2011
YES,LOSS FROM BUSINESS CAN SETT OFF FROM SPECULATIVE BUSINESS PROFIT U/S 70.
dalbir
(VP)
(38 Points)
Replied 17 December 2011
Dear Nikita,
the querry is regarding b/f business set off under section 72 and not same year adjustment u/s 70.
Thanks
Dalbir
Nitika
(student)
(72 Points)
Replied 17 December 2011
in case of carry forwardloss
treatment is same
NON SPECULATIVE LOSS- FROM SPEC. & NON SPEC.PROFIT
SPECULATIVE LOSS- FROM SPECULATIVE PROFIT
CA Hemang Shah
(PRACTICE)
(658 Points)
Replied 18 December 2011
Business loss can be setoff against speculative profit but speculation loss cant setoff against business profit.
Speculation loss can only be setoff against speculation profit.
Hope u will clear na ?
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