Clause 67 - Aggregation of loss not to be allowed in the case of filing of return after due date. - Direct Taxes Code, 2010

Aggregation of loss not to be allowed in the case of filing of return after due date. 67. Notwithstanding anything in this Code, if the return of tax bases for a financial year is not furnished by the due date and if the amount of unabsorbed current loss from ordinary sources, unabsorbed current capital loss, unabsorbed current speculative loss, unabsorbed current horse race loss and unabsorbed current loss from special source of the said financial year exceeds the corresponding amount of the immediately preceding financial year then, such respective excess in that year shall not be taken into account for any of the purposes of this Code for any subsequent financial years.