TMI BlogWhether, where in respect of an assessment year, there is income under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... e under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such income Circular No. 587 Dated 11/12/1990 1. The question whether the provisions of section 71 of the Income-tax Act, providing for set-off of loss from one head against income from another ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... speculation loss or the loss incurred in the activity of owning and maintaining race horses. 3. The view contained in paragraph 2 is reflected in the income-tax return Form No. 1 (for companies other than those claiming exemption under section 11 of the Income-tax Act) notified on 21st November, 1990. However, the format of the income-tax return Form No. 2 (for assessees, other than companie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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