Set off and carry forward of losses from specified business.

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....rom specified business. 114. (1) Any loss computed from a specified business carried on by the assessee, during any tax year, shall be set off only against profits and gains, if any, of any other spe....

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....tion 46; (b) "unabsorbed loss from the specified business" means, any loss computed in respect of a specified business carried on by the assessee during the tax year, which has not been, or is not w....