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of <h1>Finance Act 2002 amends Section 115JA, changing treatment of losses and depreciation, effective from April 1, 1997.</h1> Section 115JA of the Income-tax Act has been amended by the Finance Act, 2002. The amendment modifies sub-section (2) by replacing clause (iii) and its Explanation. The revised clause states that the lesser amount between the loss brought forward or unabsorbed depreciation, as recorded in the books of account, is applicable. The Explanation clarifies that loss does not include depreciation and the clause does not apply if both the loss brought forward and unabsorbed depreciation are nil. This amendment is effective retroactively from April 1, 1997.
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