Dismissing the appeal of the revenue the Court held that ; Loss of Current year and carried forward loss off of earlier year from non-speculative business can be set off against profit of speculative business of current year. ( AY. 2005 -06)
CIT v. Ramshree Steels Pvt. Ltd. (2018) 400 ITR 61 (All) (HC)
S. 72 : Carry forward and set off of business losses -Loss of Current year and carried forward loss off of earlier year from non-speculative business can be set off against profit of speculative business of current year. [ S. 72(1 ) ]