Case Name : CIT Vs. British insulated calender’s ltd.
Citation : [1993] 202 ITR 354 (bom.)
Court : Bombay high court
Section : 70 to 79
Meaning : The expression ‘be entitled to’ used in section 71 does not imply that the assessee has an option in the matter of set-off of business loss against the income under any other head. That expression simply enables the assessee to set off business loss against income under any other head and, but for that expression, the assessee would not be entitled to set-off of loss under another head in the same year.