Section - 157 (of Income Tax Act, 1961), Intimation of loss
Section - 157 (of Income Tax Act, 1961), Intimation of loss
Intimation of loss.
When, in the course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set off under the provisions of sub-section (1) of section 72 (of Income Tax Act, 1961), sub-section (2) of section 73 (of Income Tax Act, 1961), sub-section (1) or sub-section (3) of section 74 (of Income Tax Act, 1961) or sub-section (3) of section 74A (of Income Tax Act, 1961), the Assessing Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of sub-section (1) of section 72 (of Income Tax Act, 1961), sub-section (2) of section 73 (of Income Tax Act, 1961), sub-section (1) or sub-section (3) of section 74 (of Income Tax Act, 1961) or sub-section (3) of section 74A (of Income Tax Act, 1961).
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