Carry forward and set off of business losses can be set off only against business income. (AY. 1985-86, 1996-97 to 2002-03)
CIT v. Punalur Paper Mills Ltd. (2019) 411 ITR 563/ 176 DTR 342/ 309 CTR 42 (Ker.)(HC)
S. 72 : Carry forward and set off of business losses–Business loss can be set off only against business income [S. 28(i)]