Substitution of New Section for Section 74

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....esult of the computation under the head Capital gains is a loss, such loss shall, subject to the other provisions of this Chapter, be dealt with as follows : (i) such portion of the net loss as relates to short term capital assets shall be carried forward to the following assessment year and set off against the capital gains, if any, relating to short term capital assets assessable for that asse....

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....rried forward under this section. (b) Notwithstanding anything contained in the Indian Income tax Act, 1922 (11 of 1922), any loss computed under the head 'Capital gains' in respect of the assessment year commencing on the 1st day of April, 1961, or any earlier assessment year which is carried forward in accordance with the provisions of sub section (2B) of section 24 of that Act, shall be dealt....