Set off of losses allows adjustment of a source loss against income from another source under the same head of income. Set off of losses permits an assessee to adjust a net loss arising from one source against income from any other source under the same head of income, ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Set off of losses allows adjustment of a source loss against income from another source under the same head of income.
Set off of losses permits an assessee to adjust a net loss arising from one source against income from any other source under the same head of income, subject to statutory exclusions. Losses from short-term capital assets may be set off against income computed for other capital assets under comparable computation, and losses from non-short-term capital assets may be set off against income from other non-short-term capital assets.
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