Carry-forward period for business losses reduced, shortening assessment years under section 73 by amendment, effective from finance act. Reduction of the carry-forward period for business losses under section 73(4) of the Income-tax Act from eight assessment years to four assessment years by substitution in sub-section (4), shortening the time during which prior-year business losses may be carried forward and set off; the substitution takes effect from the 1st day of April, 2006 under the Finance Act, 2005.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Carry-forward period for business losses reduced, shortening assessment years under section 73 by amendment, effective from finance act.
Reduction of the carry-forward period for business losses under section 73(4) of the Income-tax Act from eight assessment years to four assessment years by substitution in sub-section (4), shortening the time during which prior-year business losses may be carried forward and set off; the substitution takes effect from the 1st day of April, 2006 under the Finance Act, 2005.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
