https://www.taxtmi.com/caselaws?id=774592 Section 71(2) permits a loss under a non-capital head to be set off against income under another head, including capital gains, without any mandatory sequence requiring prior exhaustion of one head of income. Read with section 70, the statutory scheme contemplates intra-head set-off first and inter-head set-off thereafter where applicable. On that basis, business loss may be adjusted against income from other sources and the balance against capital gains if the facts fit the provision. Once the resulting gross total income is computed, Chapter VI-A deductions may be claimed in accordance with section 80A(1). en-us Mon, 30 Jun 2025 00:00:00 +0530 Fri, 11 Jul 2025 08:39:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774592 Section 71(2) permits a loss under a non-capital head to be set off against income under another head, including capital gains, without any mandatory sequence requiring prior exhaustion of one head of income. Read with section 70, the statutory scheme contemplates intra-head set-off first and inter-head set-off thereafter where applicable. On that basis, business loss may be adjusted against income from other sources and the balance against capital gains if the facts fit the provision. Once the resulting gross total income is computed, Chapter VI-A deductions may be claimed in accordance with section 80A(1). Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774592