This line makes it quite clear that no set off will be allowed against any gain that you have made in cryptos.

The clause (a) made it very clear that nothing is allowed to be deducted against the profit earned from crypto trade except cost of acquisition i.e. the buy price. However, clause (b) contradicts the above clause. It states that any loss from the crypto trade cannot be set-off against any income under any other provision of the act. The term 'other' here signifies that loss cannot be set-off against any income other than the crypto income which means that the loss from the one trade can be set-off from the profit made on the other crypto trade.

My take: Investors will be allowed to set-off losses from the profits and they will only have to pay tax on the net profits earned during the year. The clause (a) has a typo and most probably will be rectified and the term 'other' will be included in the first clause as well when the act will be enacted in March 2022.