Amendment of section 44BBB.

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..... tion 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of subsection (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year. . - Clause 19 of the Bill seeks to amend section 44BBB of the Income-tax Act relating to special provision for computing profits and gains .....

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..... It is proposed to insert a new sub-section (3) to provide that notwithstanding anything contained in sub-section (2) of section 32 and sub-section (1) of section 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of sub-section (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for .....

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