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Set off and carry forward of losses from specified business.

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Full Text of the Document

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....ains, if any, of any other specified business for the said tax year. (2) The unabsorbed loss from the specified business for any tax year shall be carried forward to the subsequent tax year and shall be set off only against the profits and gains of any specified business, if any, computed for such subsequent tax year, and so on. (3) In this section,-- (a) "specified business" means ....

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