73A. Carry forward
and set off of losses by specified business.- (1)
Any loss, computed in respect of any specified business referred
to in section 35AD shall not be set off except against profits
and gains, if any, of any other specified business.
(2) Where for any assessment year any loss computed in respect
of the specified business referred to in sub-section (1) has
not been wholly set off under sub-section (1), so much of
the loss as is not so set off or the whole loss where the
assessee has no income from any other specified business,
shall, subject to the other provisions of this Chapter, be
carried forward to the following assessment year, and—
(i) it shall be set off against the profits and gains, if
any, of any specified business carried on by him assessable
for that assessment year; and
(ii) if the loss cannot be wholly so set off, the amount
of loss not so set off shall be carried forward to the following
assessment year and so on.
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