(2)Where in any tax year, the net result of computation of total income of the investment fund, without giving effect to the provisions of Schedule V (Table: Sl. No. 1), is a loss under any head of income and such loss cannot be or is not wholly set off against income under any other head of income of the said tax year, then out of such loss,––(a)the loss arising to the investment fund as a result of the computation under the head "Profits and gains of business or profession", if any, shall be—(i)allowed to be carried forward and it shall be set off by the investment fund as per the provisions of Chapter VII; and(ii)ignored for the purposes of sub-section (1);(b)the loss other than the loss referred to in clause (a), if any, shall also be ignored for the purposes of sub-section (1), if such loss has arisen in respect of a unit which has not been held by the unit holder for at least twelve months.
