year ending on the 31st day of March, 1940, in any business, profession or vocation, and the loss cannot be wholly set off under sub­section (1), so much of the loss as is not so set off or the whole loss where the assessee had no other head of income shall be carried forward to the following year and set off against the profits and gains, if any, of the assessee from the same business, profession or vocation, for that year; and if it cannot be wholly set off, the amount of loss not so set off shall be carried forward to the following year….” While sub­section (1) of Section 24 provides for setting off of the loss in a particular year under one of the heads mentioned in Section 6 against the profit under a different head in the same year, sub­section (2) provides for the carrying Civil Appeal No.3291­3294 of 2009, etc. Page 24 of 45forward of the loss of one year and setting off of the same against the profit or gains of the assessee from the same business in the subsequent year or