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2016 (2) TMI 800 - HC - Income TaxRectification of mistake - adjustment of the business loss against long term capital gains - assessee contended that Section 71(2) uses the expression 'may' indicating that they have an option either to adjust or not to adjust the business loss against capital gains - Held that:- We do not think that the view taken by all the three Authorities is contrary to law. It is true that under Section 71(2), the assessee may set off, against other income assessable for the assessment year under the head 'capital gains', the loss, if any, arising out of computation of different heads of income. But, Section 71(2) does not operate on a stand alone basis. As rightly observed by the Tribunal, the provisions of Section 72(1) may have to be read together. Therefore, the questions of law are answered against the assessee and in favour of the Revenue.
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