Income-tax Act,1961
Act No : 43
Section :
Intimation of loss
157. Intimation of loss When, in the course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set off under the provisions of subsection (1) of section 72, subsection (2) of section 73, 6[sub-section (1) ----------------------------------------------------------------------- 1 Prior to the omission, sub-section (13), as inserted by the Finance Act, 1975, w.e.f. 1-4-1975, read as under: "(13) Where in the assessment for any year, any provision made by the assessee for the payment of gratuity to his employees on their retirement or on termination of their employment for any reason has not been allowed as a deduction in the computation of the income of the assessee under the head "Profits and gains of business or profession" on the ground that all the conditions specified in sub- clause (ii)(2) and sub-clause (ii)(3) of clause (b) of sub-section (7) of section 40A had not been complied with before the assessment was made and subsequently the assessee complies with such of those conditions as had not been complied with, the disallowance originally made shall be deemed to have been wrongly made and the Assessing Officer shall, notwithstanding anything contained in this Act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in subsection (7) of that section being reckoned from the end of the financial year ending on the 3 1st day of March, 1977." 2 Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974. 3 See rules 15 and 38 and Form Nos. 7 and 28. 4 The words "(including annuity deposit referred to in Chapter XXIIA)" omitted by the Finance Act, 1966, w.e.f. 1-4-1967. Earlier these words were inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 5 Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1968. 6 Substituted for "or sub-section (1) of section 74" by the Finance Act, 1974, w.e.f. 1-4-1975. ------------------------------------------------------------------------ 1.569 1[or sub-section (3)] of section 74 or sub-section (3) of section 74A], the 2[Assessing] Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of sub-section (1) of section 72, sub-section (2) of section 73, 3[sub-section ( 1 ) 4 [or subsection (3)] of section 74 or sub- section (3) of section 74A].
Read All Comments
