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[Cites 0, Cited by 40] [Section 70] [Entire Act]

Union of India - Subsection

Section 70(3) in The Income Tax Act, 1961

(3)Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset. ]