https://www.taxtmi.com/article/detailed?id=1145 Carried forward business loss under S.72(1)(i) must be set off against profits and gains that arise from any business or profession carried on and are assessable in that year; the test is the source or nature of the income as arising from the business, not the head under which it is taxed. Accordingly, incidental receipts (dividends, interest, rent, capital gains on business assets) that originate in the business qualify for set off even if taxed under other heads, whereas receipts not arising from business do not. en-us Mon, 21 Feb 2011 21:26:11 +0530 Mon, 21 Feb 2011 21:26:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1145 Carried forward business loss under S.72(1)(i) must be set off against profits and gains that arise from any business or profession carried on and are assessable in that year; the test is the source or nature of the income as arising from the business, not the head under which it is taxed. Accordingly, incidental receipts (dividends, interest, rent, capital gains on business assets) that originate in the business qualify for set off even if taxed under other heads, whereas receipts not arising from business do not. Articles Income Tax Mon, 21 Feb 2011 21:26:11 +0530 https://www.taxtmi.com/article/detailed?id=1145