Carry forward and set off of business losses

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ulation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or, 2[****] where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and- (i) it sh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ant to the previous year in which the business is so re-established, reconstructed or revived, and- (a) it shall be set off against the profits and gains, if any, of that business or any other business carried on by him and assessable for that assessment year; and (b) if the loss cannot be wholly so set off, the amount of loss not so set off shall, in case the business so re-established, recon....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s, "(1) Where for any assessment year the net result of the computation under the head "Profits and gains of business or profession" is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be wholly set off in accordance with the provisions of section 71, so much of the loss as is not so set off or the whole loss, where the assessee had no income und....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ead "Capital gains" relating to capital assets other than short-term capital assets and has exercised the option under sub-section (2) of that section or" Earlier, Amended vide Third Schedule of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1968 3.  Omitted vide Section 37 of the Finance Act, 1999 w.e.f. 01-04-2000 before it was read as, "Provided that the business or profession f....