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Exceptions to the rule that losses can be carried forward for eight assessment years

Income Tax - Set off and Carry forward of Losses - 06 - Section 35AD: Loss of business which is specified under section 35AD can be carried forwards without any time limit. If business was discontinued and there is income chargeable under section 41(1)/ 41(3)/ 41(4) in respect of such discontinued business, then business loss of the previous year in which business was discontinued can be SET OFF against such incomes. Where business is discontinued in circumstances given in section 33B, and is re .....

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