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of <h1>Section 157 requires written order for computed losses eligible for carry forward and set-off</h1> Section 157 of the Income Tax Act, 1961 mandates that when an assessing officer determines during assessment that an assessee has incurred a loss eligible for carry forward and set-off under specified provisions, the officer must issue a written order notifying the computed loss amount. This applies to losses under sections 72(1), 73(2), 74(1) or 74(3), and 74A(3). The provision ensures formal documentation of allowable losses for future tax calculations and has been amended multiple times since 1974 to expand its scope.
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