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RETURN OF LOSS [Sec. 139(3)]

Income Tax - Return of Income and Assessment Procedure - 05 - If any person who has sustained a loss in any previous year under the head "Profits and gains of business or profession" or under the head "Capital gains" and claims th .....

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usiness loss (speculative or otherwise) : Capital loss ; and Loss from the activity of owning and maintaining race horses. However, disentitlement to carry forward of loss only comes into play when original return has not been filed within due date ( .....

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