19 February 2013
Section 72A only allows the assessee to carry forward the accumulated losses in case of amalgamation. However, the normal Principal for set off of losses does not alters but remains the same. Accordingly, the b/f. business losses cannot be set off against the STCG in the AYs after amalgamation even in case of amalgamation.
19 February 2013
sir section 71(2) allows an assessee to set off loss from one head of income against income from another, which indicates:-
where an assessee has loss as a net result from computaion of under any head(except u/h income from capital gains), then such loss may be set off against income from capital gains (whether relating to Short term cap gain or Long term cap gain).
so now that means STCG can be setoff against losses from other heads.
The Act is scilent whether we can transfer Capital gains/losses or not (long term & short term both).