Finance Act, 1974
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Amendment of section 307 of Income Tax Act, 1967. |
26.— Section 307 of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the substitution in subsection (1) of “trade other than farming, or in any” for “trade,”, | ||
(b) by the substitution in subsection (1) of “or in farming in a case in which this section applies” for “or in the occupation of lands for the purposes of husbandry only”, and | ||
(c) by the insertion after subsection (1) of the following subsection: | ||
“(1A) This section applies in any case where farming is carried on other than in the case of an individual to whom section 15 (3) of the Finance Act, 1974, applies or would apply if the individual so claimed.”, | ||
and the said subsection (1) of section 307, as so amended, is set out in the Table to this section. | ||
TABLE | ||
(1) Subject to the provisions of this section, where in any year of assessment any person has sustained a loss in any trade other than farming, or in any profession or employment, carried on by him either solely or in partnership, or in farming in a case in which this section applies or in the occupation of woodlands managed on a commercial basis and with a view to the realisation of profits, he shall be entitled, on making a claim in that behalf, to such repayment of tax as is necessary to secure that the aggregate amount of tax for the year ultimately borne by him will not exceed the amount which would have been borne by him if his income had been reduced by the amount of the loss. |