Commissioner Of Income Tax vs S.C. Kothari
Whether losses incurred in illegal speculative transactions can be deducted while computing business income under Section 10(1) of the Income Tax Act 1922 --- Held Yes, if they arise from the same business; Whether such losses can be set off against speculative profits under Section 24 --- Held No, as illegal contracts are unenforceable and cannot constitute speculative transactions for set-off purposes.
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