Set off and carry forward of losses from specified activity.

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..... d activity for the said tax year. (2) The unabsorbed loss from the specified activity for any tax year shall be carried forward to the subsequent tax year and shall be set off,-- (a) only against the income from specified activity, if any, computed for such subsequent tax year, and so on; and (b) only when the specified activity is carried on by the assessee in that tax year. (3) The unabsor .....

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..... ty" means the activity of owning and maintaining race horses; (e) "unabsorbed loss from the specified activity" means any loss computed in respect of the specified activity carried on by the assessee during the tax year, which has not been, or is not wholly, set off against income, if any, of the specified activity under sub-section (1) for the said tax year. - Clause 115 of the Bill seeks to .....

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