TMI BlogSet off of brought forward business loss against income from other sources - As provision of section 72...Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set off against business profit. The assessee itself has shown the interest income in its computation as income from other sources. It is not coming out from records that the fixed deposits were maintained by the assessee out of some business necessity and apparently the fixed deposits were made out of savings from rental income whi..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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