Held that Sub-s. (2) of S. 71 gives the option to the assessee to set off any loss, other than the loss under the head “Capital gains”, against income under any head, including capital gains and therefore, the assessee is entitled to set off the business loss against long-term capital gains (AY. 2019-20)
Priya Kapil Todarwal v. ITO (2025) 236 TTJ 953/ 176 taxmann.com 349 (Mum)(Trib)
S.71: Set off of loss-One head against income from another-Set off of business loss against capital gains-Sub-s. (2) of s. 71 does not provide any particular mode to set off the loss that should be followed-the assessee is entitled to set off the business loss against any head of income, including long-term capital gains.[S.45, 70, 71(2)]
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