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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 against the income from any other source under the same head. EXCEPTIONS: In the following cases loss from one source cannot be adjusted against income from other source although it falls under the same head: Losses from Speculation Business: Any loss i .....

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