Substitution of new-section for section 71
Section 23 of the Finance Act, 1991 deals with substitution of new-section for section 71. Substitution of new-section for section 71.
Substitution of new-section for section 71.
23. For section 71 of the Income-tax Act, the following section shall be substituted, with effect from the 1st day of April, 1992, namely: —
Setoff of loss from one head against income from another.
'71. (1) Where in respect of any assessment year the net result of the computation under any head of income, other than "Capital gains", is a loss and the assessee has no income under. the head "Capital gains", he shall, subject to the provisions of ,this Chapter, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head.
(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than "Capital gains", is a loss and the: assessee has income assessable, under the head "Capital gains", such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head "Capital gains" (whether relating to short-term capital assets or any other capital assets).
.(3) Where in respect of any assessment year, the net result of the computation under the head "Capital gains" is a loss and the assesses has income assessable under any other head of income, the assessee shall not be entitled to have such loss set off against income under the other head.'.
[Finance (No.
2) Act, 1991]
© Copyright. Taxmann Publications Pvt. Ltd.
Section 23, The Finance Act, 1991 (Act 49 of 1991).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 23
What does Section 23 of the Finance Act deal with?
Section 23 of the Finance Act is headed "Substitution of new-section for section 71". Substitution of new-section for section 71.
How do I find court cases under Section 23 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1991 23, section 23 Finance Act 1991, section 23 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 23 of the Finance Act, and has it changed?
Its own text turns on section 71 (Insertion of Twelfth Schedule), Income-tax Act 71 (Set off of loss from one head against income from another), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1991 as Act 49 of 1991. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7022 words
- 2. Income-tax2374 words
- 32. Insertion of new section 80-IA2233 words
- 101. Substitution of new sections for sections 11 to 131889 words
- 5. Amendment of section 101415 words
- 28. Amendment of section 80HHC1101 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.