Capital Gain

[bhutani vijay]

Dear sirs,   we have a pvt ltd company ,  SSI industry which has huge accumulated loss on working as well on account of depreciaton. To pay up secured creditors, we sold part of factory land , and earned capital gain on land. Our querry is whether this capital gain, can be set aside against working operational losses and Depreciation loss? or we have to pay capital Gain Tax inspite of so much loss incurred in past years?   we shall be thankful for an advise

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