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TMI BlogRepeal and savings.X X X X Extracts X X X X X X X X Extracts X X X X ..... t, re-assessment, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the repealed Income-tax Act; (d) any proceeding for the imposition of a penalty in respect of any tax year beginning before the 1st April, 2026, may be initiated and any such penalty may be imposed under the repealed Income-tax Act, as if this Act had not been enacted; (e) any proceeding pending on the commencement of this Act before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... place; and (ii) included in the total income of the said person under the same head of income as it would have been included under the repealed Income-tax Act; (i) any sum payable under the repealed Income-tax Act may be recovered under this Act without prejudice to any action already taken for the recovery of such sum under repealed Income-tax Act; (j) any agreement entered into, appointment made, approval given, recognition granted, direction, instruction, notification, order or rule issued under any provision of the repealed Income-tax Act shall, so far as it is not inconsistent with the corresponding provisions of this Act, be deemed to have been entered into, made, granted, given or issued under the corresponding provision of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax year beginning before the 1st April, 2026 had the repealed Income-tax Act[5] not been repealed, shall be set off and carried forward against the income computed under this Act , in the manner provided in the respective section of the repealed Income-tax Act specified in column C of the said table, for the tax years beginning on or after the 1st April, 2026: Table Sl. No. Source or head of income under the repealed Income-tax Act Section of the repealed Income-tax Act A B C 1. Income from house property. 71B. 2. Profits and gains of business or profession. 72. 3. Speculation business. 73. 4. Specified Business. 73A. 5. Activity of owning and maintaining race horses. 74A. (n) any amount of loss under the head capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for the year in which any of the conditions specified in that section are not complied with; (q) any amount of profits or gains arising out of transfer of capital asset not charged under the head capital gains by virtue of the provisions contained in section 47(iv), (v), (xiii), (xiiib) or (xiv) of the repealed Income-tax Act in any tax year beginning before the 1st April, 2026 shall be deemed to be the income chargeable under the head "Capital gains" under this Act , if any of the conditions laid down in section 47A(1)(i) or (ii) of the repealed Income-tax Act are satisfied or conditions laid down in section 47(xiii), (xiiib) or (xiv), as the case may be, of the repealed Income-tax Act are not complied with, for the tax year in which s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar beginning on 1st April, 2025 shall be added to the amount credited to the provision for bad and doubtful debts accounts referred to in the corresponding provisions of this Act for the tax year beginning on the 1st April, 2026 and deemed to be part of amount credited to the provision for bad and doubtful debts accounts, or if there is no such amount credited for that tax year, be deemed to be amount credited for that tax year; (u) any scheme which has been notified under the provisions of the repealed Income-tax Act with a view to eliminating the interface with the assessee or any other person, the said scheme shall be deemed to have been made- (i) under the corresponding provisions of this Act; or (ii) under section 294B where ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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