AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Home / 
Mutuality Deficit Not Considered Income u/s 2(24)(vii); Section 71 Set-Off Inapplicable for Losses.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Set-off of net operations loss against income from house property and ‘other’ sources - principle of mutuality - once the assessee's impugned deficit arising from mutuality account is neither covered in any of the said heads as well nor u/s. 2(24)(vii) defining “income” in the very account, section 71 of the Act would not apply in isolation. - AT....