Set off and carry forward of losses from specified business
(1)
Any loss computed from a specified business carried on by the assessee, during any tax year, shall be set off only against profits and gains, if any, of any other specified business for the said tax year.
(2)
The unabsorbed loss from the specified business for any tax year shall be carried forward to the subsequent tax year and shall be set off only against the profits and gains of any specified business, if any, computed for such subsequent tax year, and so on.
(3)
In this section,––
(a)
“specified business” means any specified business referred to in section 46;
(b)
“unabsorbed loss from the specified business” means, any loss computed in respect of a specified business carried on by the assessee during the tax year, which has not been, or is not wholly, set off against profits and gains, if any, of another specified business under sub-section (1) for the said tax year.