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Setoff of business loss and unabsorb depreciation

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(Querist)
12 March 2013 a PVT LTD Company sold its entire business including plant and machinery and has arrived a long term capital gain, can past year business loss and unabsorbed depreciation of the company be set off against the long term capital gain arrived on sale of business?
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
12 March 2013 If entire business is sold, then as far as depreciable assets are concerned, the gain would be short term capital gains.

Sale of stocks would be a part of business Income.

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