Set off of loss from one source against income from another source under the same head of income
Set off, or carry forward and set off
Set off of loss from one source against income from another source under the same head of income
70. Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.