Section 41(5) - Adjustment of Loss

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Full Text of the Document

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....arose in that business or profession during the previous year in which it ceased to exist and which could not be set off against any other income of that previous year shall, so far as may be, be set off against the income chargeable to tax under the sub-sections aforesaid. The second to the rule that business or profession loss can be carried forward only for 8 years is given by section 41(5). T....