Finance Act, 1983
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Amendment of section 307 (relief for losses) of Income Tax Act, 1967. |
14.— Section 307 of the Income Tax Act, 1967 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution of the following subsection for subsection (1A) (inserted by the Finance Act, 1974 ): | |
“(1A) This section applies in any case where farming is carried on other than in the case of an individual who has sustained a loss in the carrying on of farming and who is not chargeable to tax in respect of profits or gains from farming for the year of assessment in which the loss is sustained.”. |