TMI BlogAmendment of section 115UB.X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) out of such loss, the loss arising to the investment fund as a result of the computation under the head Profit and gains of business or profession , if any, shall be, (a) allowed to be carried forward and it shall be set off by the investment fund in accordance with the provisions of Chapter VI; and (b) ignored for the purposes of sub-section (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section (1); and (ii) allowed to be carried forward by such unit holder for the remaining period calculated from the year in which the loss had occurred for the first time taking that year as the first year and shall be set off by him in accordance with the provisions of Chapter VI: Provided that the loss so deemed under this sub-section shall not be available to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides that such loss shall not accrue or arise or received by the unit holder. It is proposed to substitute the said sub-clauses so as to provide that,-- ( i ) the loss arising to the investment fund as a result of the computation under the head Profit and gains of business or profession , if any, shall be, allowed carry forward and set off in accordance with the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the remaining period calculated from the year in which it had occurred for the first time taking that year as the first year in accordance with the provisions of Chapter VI and that thereafter said loss shall not be available to the investment fund. These amendments will take effect from the 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020- 2021 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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