Carry forward and set off of business losses

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... peculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or, 2 [ * * * ] where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and- .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e assessment year relevant to the previous year in which the business is so re-established, reconstructed or revived, and- ( a ) it shall be set off against the profits and gains, if any, of that business or any other business carried on by him and assessable for that assessment year ; and ( b ) if the loss cannot be wholly so set off, the amount of loss not so set off shall, in case the bus .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 962, w.e.f. 1-4-1962. 2. Words 'where the assessee has income only under the head Capital gains relating to capital assets other than short-term capital assets and has exercised the option under sub-section (2) of that section or' omitted by the Finance Act, 1987, w.e.f. 1-4-1988. In the omitted portion, expression in italics was inserted by the Finance (No. 2) Act, 1967, w.e.f. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X