37. Set off of losses.-
Where, in respect of any assessment year, the net result of computation of income under any head is a loss, the assessee shall, subject to the other provisions of this Ordinance, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head:
1[Provided that any loss in respect of any speculation business or any loss under the head "Capital gains" or any loss from any other source, income of which is exempted from tax shall not be so set off, but shall, excluding any loss from any other source, income of which is exempted from tax, in accordance with the provisions of this Ordinance, be set off, or be carried forward to succeeding assessment year or years for set off, against any income in respect of speculation business or any income under the head "Capital gains ":]
Provided further that for the purpose of this section the Deputy Commissioner of Taxes shall, in computing any loss, deduct any amount received in cash as subsidy from the Government 2[:]
3[Provided further that that any loss in respect of any income from business or profession shall not be so set off, or be carried forward to succeeding assessment year or years for set off, against any income from house property 4[:
5 [Provided further that any loss in respect of any income from any head shall not be so set off against any income from manufacturing of cigarette[bidi, zarda, chewing tobacco, gul or any other smokeless tobacco or tobacco products]
1 Subs. by F.A. 2005
2 Subs. "colon" for" fullstop" by F. A. 2015
3 Ins. by F,A. 2007
4 Subs. "colon" for" fullstop" and ins. new proviso by F. A. 2015
5 Added F. A. 2016.
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