Can we set off "Profit & Gains from Business or Profession loss" with "Income from other sources" income in Partnership firm case..?
In my clients cases, the Software has set offed the same and return of income was filed, however the CPC has not accepted the set off and rejected the same by stating the reason that:
"The Claim of set off of current year loss shown in part - BTI is not consistent with the loss computed in the schedules of the corresponding heads of Income OR the priority of set off of the current year loss is not consistent with the provisions" of the Act.
In my view, the set off has been rightly done.
Provide your views
CAclubindia
