Set off of STCG loss with STCG allowed despite the assessee had not claimed it in his return of income…
Under section 71 assessee have option to set off losses against capital gains and the set off is not mandatory…
Non speculative business loss can be set off against profits of any business including speculative business carried on by assessee…
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits…
Section 79 do not apply to carry forward and set off of unabsorbed depreciation in case of change in shareholding…