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Section 70 - Set off of loss under the same head of income

Income Tax - Set off and Carry forward of Losses - 01 - SEC - 70: SET OFF OF LOSS UNDER THE SAME HEAD OF INCOME GENERAL RULE: The loss in respect of any source of income under any head other than 'capital gains' of income shall be set off aga .....

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n respect of speculation business cannot carried on by an assessee, shall be set off only against income of another speculation business. Losses from the activity of owning and maintaining race-horses: It can be set off against the income of such act .....

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