{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"27","heading":"Substitution of new section for section 70","text":"Substitution of new section for section 70. 27. For section 70 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2003, namely:— ‘70. Set off of loss from one source against income from another source under the same head of income.— (1) Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income, other than \"Capital gains\", is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head. (2) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset. (3) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Substitution of new section for section 70.</b></p><p><b>27.</b> For section 70 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2003, namely:—</p><p>‘70. <i>Set off of loss from one source against income from another source under the same head of income.— </i>(1) Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income, other than \"Capital gains\", is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.</p><p><span class=\"num\">(2)</span> Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset.</p><p><span class=\"num\">(3)</span> Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":256,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/27/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}