Loss set-off restriction: business losses cannot be set off against salary income, limiting cross-head relief. An inserted subsection to section 71 provides that where the computation under the head Profits and gains of business or profession results in a loss for an assessment year and the assessee has income under the head Salaries, that business loss shall not be set off against salary income.
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Provisions expressly mentioned in the judgment/order text.
Loss set-off restriction: business losses cannot be set off against salary income, limiting cross-head relief.
An inserted subsection to section 71 provides that where the computation under the head Profits and gains of business or profession results in a loss for an assessment year and the assessee has income under the head Salaries, that business loss shall not be set off against salary income.
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