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Business continuity

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(Querist)
06 March 2008 sir
we have a partnership firm which do not carry on any transaction of sale or purchase during the year but we have incurred many expenditure.In this situation whether busness shall be deemed to have continued in the PY 05-06 for the purpose of setting off capital gain(S.Term)against business loss(Expenditure) U/S 71 as we have Short term Capital gain of Rs.250,000/- and business loss is Rs.300,000/(PY 2005-06).whether we can set-off Capital gain against Business loss or we have to Income Tax on capital gain.
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
06 March 2008 The aseessee should carry on the business during the PY relating to relevant AY.It means the business should not have been closed down. Hence,in ur case, Business loss can be set off against the capital gain
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