Set off of loss from one source against income from another source under the same head of income

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..... where the net result for any assessment year in respect of any source falling under any head of income, other than Capital gains , is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head. (2) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any short-ter .....

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..... ubstitution, section 70, as substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962 and amended by the Finance Act, 1987, w.e.f. 1-4-1988, read as under : 70. Set off of loss from one source against income from another source under the same head of income.- Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any h .....

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