Income tax return setting off losses of business in salary

Hi,

I am a salaried employee. I did business which incurred expenses of Rs. 17,00,00/- in the last year and I sold that business for 14,00,000/- . So the net loss is 17L minus 14L = Rs.3,00,000/-  Now, I am not pursuing that business any more.

Now,   Tds deducted in my salary was Rs.1,23,000/- last year. Can I set off this losses of Rs. 3L in the TDS and file the Refund return.  Please suggest what should be done to adjust this loss.

Here, I know that business losses can be set off only with business income but as am not continuing that business anymore can set off this losses with salary income ?

Thanks in Advance

jafer