Finance Act, 1979

Amendment of section 308 (persons carrying on two or more trades) of Income Tax Act, 1967.

18.Section 308 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following proviso :

“Provided that no deduction or set off shall be allowed in respect of a loss sustained in the year 1979-80 or in any subsequent year of assessment.”.