Amendment of Section 74A

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....ad or against income under any other head" shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted, namely :- '(3) Where for any assessment year, in the case of an assessee, being the owner of horses maintained by him for running in horse races (such horses being hereafter in this sub-section referred to as race horses), the net result of the computation in....

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...., however, that no portion of the loss shall be carried forward for more than four assessment years immediately succeeding the assessment year for which the loss was first computed. Explanation : For the purposes of this sub-section - (a) "amount of loss incurred by the assessee in the activity of owning and maintaining race horses" means - (i) in a case where the assessee has no income by w....