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Exclusion of deduction, loss, set off, etc.
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....he "relevant tax year") in which it is chargeable to tax as per this Part- (a) sections 28 to 52 shall apply as if every loss, allowance or deduction referred to therein and relating to or allowable for any of the relevant tax years, had been given full effect to for that tax year itself; (b) no loss referred to in section 108(1) or (2)(b) or 109(1) or 112(1) or 116(1), in so far as such loss ....