Section 73ACentral Act
Section 73A: [ Carry forward and set off of losses by specified business. [ Inserted by Act 33 of 2009, Section 28 (w.e.f. 1.4.2010).]
[ Carry forward and set off of losses by specified business. [ Inserted by Act 33 of 2009, Section 28 (w.e.f. 1.4.2010).]
(1)
Any loss, computed in respect of any specified business referred to in section 35-AD shall not be set off except against profits and gains, if any, of any other specified business.(2)
Where for any assessment year any loss computed in respect of the specified business referred to in sub-section (1) has not been wholly set off under sub-section (1), so much of the loss as is not so set off or the whole loss where the assessee has no income from any other specified business, shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and-(i)
it shall be set off against the profits and gains, if any, of any specified business carried on by him assessable for that assessment year; and(ii)
if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on. ]Previous
Sec 73 — Losses in speculation business
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Sec 74 — [ Losses under the head "Capital gains". [Substituted by Act 11 of 1987, Section 31, for Section 74 (w.e.f. 1.4.1988).]
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