34.  Set-off of losses:-

Where an assessee sustains a loss (not being a loss to which section 36 or section 37 applies) in any assessment year under any head of income specified in section 15, he shall, subject to clause (v) of sub-section (1) of section 23 be entitled to have the amount of the loss set-off against his income (other than income to which subsection (7) or (9) of section 12 applies), if any, under any other head assessable for that assessment year.