Report No. 12
72. Set-off of loss from one business to loss from another.-
Save as otherwise provided in this Act, where the net result for any assessment year in respect of any business, profession or vocation carried on by the assessee, computed under the head "Profits and gains of business, profession or vocation", is a loss, the assessee shall be entitled to have the amount of such loss set off against the profits and gains assessable for that assessment year from any other business, profession or vocation under the said head of income.
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