https://www.taxtmi.com/caselaws?id=20951 The High Court held that the assessee did not have the option to carry forward business loss for set off against future profits. The Court ruled in favor of the Revenue, stating that the language of the Income-tax Act did not grant the assessee the discretion to choose how to set off losses against income from other heads, except for income under the head "Capital gains." en-us Fri, 22 Jan 1993 00:00:00 +0530 Wed, 18 Nov 2009 12:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20951 The High Court held that the assessee did not have the option to carry forward business loss for set off against future profits. The Court ruled in favor of the Revenue, stating that the language of the Income-tax Act did not grant the assessee the discretion to choose how to set off losses against income from other heads, except for income under the head "Capital gains." Case-Laws Income Tax Fri, 22 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20951