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Set off and Carry Forward

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(Querist)
24 September 2010 Suppose an individual has loss in F. & O. (Ordinary business) of Rs. 4,50,000/- and income from other sources of Rs. 11,00,000/- in AY 2010-11.

Can he say that he will pay tax on 11,00,000/- this year and carry forward the loss from F & O of Rs. 4,50,000/- to next year? Or is it compulsory to set off this year only?

Pls. give reasons and section reference.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 September 2010 The assessee cannot seek the said option because section 72(1)can be soughtfor only after availing the benefit under section 71(1) of the Incoem tax Act,1961.
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