Section 157 - Intimation of loss - Income-tax Act, 1961

Intimation of loss. 157. 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, sub-section (2) of section 73, 1 [sub-section (1) 2 [or sub-section (3)] of section 74 or sub-section (3) of section 74A], the 3 [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, sub-section (2) of section 73, 4 [sub-section (1) 5 [or sub-section (3)] of section 74 or sub-section (3) of section 74A]. ----------------- Notes :- 1. Substituted for "or sub-section (1) of section 74" by the Finance Act, 1974, w.e.f. 1-4-1975. 2. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 3. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 4. Substituted for "or sub-section (1) of section 74" by the Finance Act, 1974, w.e.f. 1-4-1975. 5. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.