Can losses from speculation business be set off against other income?

Losses from a speculation business cannot be set off against income from any other head of income. As per Section 73, such losses can only be set off against profits from speculation business. Any unabsorbed speculation losses can be carried forward for 4 assessment years to be set off against speculation profits as per Section 73(4). Finance Act 2025 has not made any amendments to these provisions. Supporting case law: Sanjay Bimalchand Jain v. PCIT (2019) – Supreme Court – Civil Appeal 9770/2013 – Link: https://indiankanoon.org/doc/134201689/ – Ratio: Affirmed that Section 73 prohibits set-off of speculation losses against other income.