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Section39
The Finance Act, 1992

Substitution of new section for sections 75,76 and 77

In force Act 18 of 1992 As on 07 Oct 2026

Act 18 of 1992 Ministry Finance

Section 39 of the Finance Act, 1992 deals with substitution of new section for sections 75,76 and 77. Substitution of new section for sections 75,76 and 77.

Substitution of new section for sections 75,76 and 77.

39. For sections 75, 76 and 77 of the Income-tax Act the following section shall be substituted, with effect from the 1st day of April, 1993, namely: —

"75. Losses of firms.—Where the assessee is a firm, any loss in relation to the assessment year commencing on or before the 1st day of April, 1992, which could not be set off against any other income of the firm and which had been apportioned to a partner of the firm but could not be set off by such partner prior to the assessment year commencing on the 1st day of April, 1993, then, such loss shall be allowed to be set off against the income of the firm subject to the condition that the partner continues in the said firm and to be carried forward for set off under sections 70, 71, 72, 73, 74 and 74A.".

[Finance Act, 1992]

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Section 39, The Finance Act, 1992 (Act 18 of 1992).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 70 Amendment of section 193
  2. s. 71 Amendment of section 194A
  3. s. 72 Amendment of section 194C
  4. s. 73 Amendment of section 194G
  5. s. 74 Amendment of section 194H
  6. s. 75 Insertion of new section 196C
  7. s. 76 Amendment of section 197
  8. s. 77 Amendment of section 107A
  9. Income-tax Act s. 75 Losses of firms

Questions about Section 39

What does Section 39 of the Finance Act deal with?

Section 39 of the Finance Act is headed "Substitution of new section for sections 75,76 and 77". Substitution of new section for sections 75,76 and 77.

How do I find court cases under Section 39 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 1992 39, section 39 Finance Act 1992, section 39 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 39 of the Finance Act, and has it changed?

Its own text turns on section 70 (Amendment of section 193), section 71 (Amendment of section 194A), section 72 (Amendment of section 194C), section 73 (Amendment of section 194G), and on 5 further provisions, so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1992 as Act 18 of 1992. 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

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.