could be set off during the succeeding years against the total income of Civil Appeal No.3291­3294 of 2009, etc. Page 23 of 45the business i.e. income from the business including the income from the securities. 5. The relevant section of the Act which deals with the matter of set off of losses in computing the aggregate income is Section 24. The relevant part of it, before the Finance Act, 1955, read: “(1) Where any assessee sustains a loss of profits or gains in any year under any of the heads mentioned in Section 6, he shall be entitled to have the amount of the loss set off against his income, profits or gains under any other head in that year: *** (2) Where any assessee sustains a loss of profits or gains in any year, being a previous year not earlier than the previous year for the 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