https://www.taxtmi.com/circulars?id=9018 Section 71(2) allows either-wide set off of losses against income under any head including capital gains or, by the assessee's election, restricts set off to income under the head Capital gains insofar as it relates to short term capital assets and other heads. The Board directs that any set off under the elected option must be supported by the assessee's written option and an explicit order sheet entry by the assessing officer confirming the option was exercised. en-us Sat, 31 Jul 1976 00:00:00 +0530 Wed, 01 Jun 2011 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9018 Section 71(2) allows either-wide set off of losses against income under any head including capital gains or, by the assessee's election, restricts set off to income under the head Capital gains insofar as it relates to short term capital assets and other heads. The Board directs that any set off under the elected option must be supported by the assessee's written option and an explicit order sheet entry by the assessing officer confirming the option was exercised. Circulars Income Tax Sat, 31 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9018