Substitution of new section for section 70
Section 27 of the Finance Act, 2002 deals with substitution of new section for section 70. Substitution of new section for section 70.
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.
Section 27, The Finance Act, 2002.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 27
What does Section 27 of the Finance Act deal with?
Section 27 of the Finance Act is headed "Substitution of new section for section 70". Substitution of new section for section 70.
How do I find court cases under Section 27 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 2002 27, section 27 Finance Act 2002, section 27 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 27 of the Finance Act, and has it changed?
Its own text turns on section 48 (Amendment of section 115AD), section 55 (Amendment of section 119), section 70 (Amendment of section 190), Income-tax Act 70 (Set off of loss from one source against income from another source under the same head of income), 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 2002. 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 Schedule5753 words
- 4. Amendment of section 102120 words
- 2. Income-tax1821 words
- 60. Amendment of section 143781 words
- 21. Substitution of new section for section 43A780 words
- 57. Substitution of new section for section 132B724 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.