In the result, both the appeals are partly allowed
Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury
gain” assessable for that assessment year in respect of any other capital asset not being a short term capital asset”. Clause (c) of section 74(1) provides that “if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on”. Sub-section