Income-tax Act,1961
Act No : 43
Section :
Submission of return for losses5
80. Submission of return for losses5 Notwithstanding anything contained in this Chapter, no loss which ---------------------------------------------------------------------- -> -> in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner computed in accordance with section 67 as exceeds his share of profits, if any, of the previous year in the firm, or entitle any partner to the benefit of any portion of the said loss which is not apportionable to him under section 67." Earlier, it was substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 but was restored to its original version by the Direct Tax Laws (Amendment) Act, 1989, with effect from the same date. 2 The word "or" omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 3 Inserted ,ibid. 4 Prior to the omission, clause (b), as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, read as under: "(b)the Assessing Officer is satisfied that the change in the shareholding was not effected with a view to avoiding or reducing any liability to tax." 1.337 has not been determined in pursuance of a return filed 1[in accordance with the provisions of sub-section (3) of section 139], shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) 2[or sub-section (3)] of section 74 3[or subsection (3) of section 74A]. ---------------------------------------------------------------------- 1 Substituted for 'within the time allowed under sub-section (1) of section 139 or within such further time as may be allowed by the Income-tax Officer" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Earlier, these words were substituted for '.under section 139" by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4- 1985. 2 Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 3 Inserted by the Finance Act, 1974, w.e.f. 1-4-1975. ----------------------------------------------------------------------
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