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Set off and carry forward of losses from specified activity.

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....han specified activity for the said tax year. (2) The unabsorbed loss from the specified activity for any tax year shall be carried forward to the subsequent tax year and shall be set off,-- (a) only against the income from specified activity, if any, computed for such subsequent tax year, and so on; and (b) only when the specified activity is carried on by the assessee in that tax year. (3)....

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Set off and carry forward of losses from specified activity.