Amendment of section 72

Section 22 of the Finance Act, 1967 deals with amendment of section 72. Amendment of section 72 22. In section 72 of the Income-tax Act,— (i) in sub-section (1), the following proviso shall be added at the end, namely:— "Provided that where the whole or any part of such loss is sustained in any such business as is referred to in section 33B which is discontinued in the The Act was enacted on 05 Aug 1967.

Amendment of section 72

22. In section 72 of the Income-tax Act,—

(i) in sub-section (1), the following proviso shall be added at the end, namely:—

"Provided that where the whole or any part of such loss is sustained in any such business as is referred to in section 33B which is discontinued in the circumstances specified in that section, and, thereafter, at any time before the expiry of the period of three years referred to in that section, such business is re-established, reconstructed or revived by the assessee, so much of the loss as is attributable to such business shall be carried forward to the assessment year relevant to the previous year in which the business is so re-established, reconstructed or revived, and—

(a) it shall be set off against the profits and gains, if any, of that business or any other business carried on by him and assessable for that assessment year; and

(b) if the loss cannot be wholly so set off, the amount if any, of that business or any other business carried on established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding.";

(ii) in sub-section (3), after the words "No loss", the brackets, words and figure "[other than the loss referred to in the proviso to sub-section (1) of this section]" shall be inserted.

[Finance (No.

2) Act, 1967]

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Section 22, The Finance Act, 1967 (Act 20 of 1967).