Allowability of Set off of brought forward business against the profits on sale of business assets which are assessed to

Brought forward business losses can be set off against the gains arising from any business or profession, though chargeable to tax under any other head of income

Facts

• During the assessment year 2005-06, the taxpayer had sold the factory building, plant and machinery, furniture and fixtures on which it had earned capital gains.

• The taxpayer had set off unabsorbed dep

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