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SET OFF OF UNABSORBED DEP. AND BUSINESS LOSS

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(Querist)
18 July 2011 WHETHER UNBSORBED DEP AND BUSINESS LOSS CARRIED FORWARD FROM EARLIER YEARS CAN BE SET OFF AGAINST PROFIT FROM SHORT TERM CAPITAL GAIN ARISING FROM SALE OF DEPRECIABLE ASSETS( FLAT).

PLEASE PROVIDE THE REASON FOR THE SAME.

REGARDS
AMIT
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
18 July 2011 No. the losses are either business losses or depreciated losses and hence the same can be adjusted only against the income of the business.
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