Explain the provisions contained under the Income Tax Act, 1961 relating to set-off and carry forward of: (i) Speculative Business Losses

Speculative Business Losses: Loss from speculation business is set-off in the same year from available profits and gains of any other speculative business. However, where, for any assessment year, any loss computed in respect of a speculation business has not been wholly set-off against the profits of another speculation business, it shall be carried forward to the following assessment year and shall be set-off against the profits of any speculation business carried on by him and assessable for the assessment year. This loss can be carried forward to a maximum of four consecutive assessment years immediately succeeding the assessment year for which the loss was first computed.