Carry forward of losses
This query is : Resolved
26 December 2016
Question :- In the first year of Business we have Income from Other Sources only, no purchase and sale made during the year. Can loss be set- off ( Employee Exp, depreciation etc. ) from Interest Income in the same Year.
ITO is saying as there was no business you can not set-off losses from Other sources even in the Same year.
ITO is saying as there was no business you can not set-off losses from Other sources even in the Same year.
26 December 2016
ITO is wrong in saying so, the business loss can be set off against interest income earned in the same year.
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