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of <h1>Carryforward of business and professional losses under Section 72: setoff, eight-year limit, revival proviso for discontinued business</h1> Where an assessee sustains a business or professional loss (other than in a speculation business) that cannot be set off under other heads, the unadjusted loss is carried forward to the next assessment year and may be set off only against profits from any business or profession in that year; any remainder is carried forward year to year. Losses generally may be carried forward for a maximum of eight assessment years, except where a loss arises from a business discontinued and later re-established under the special proviso, in which case that attributable loss is carried to the year of revival and then forward for up to seven years. Provisions governing carry-forwards under section 72 take precedence over certain depreciation or amortisation carry-forwards.
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