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TypeBare Act JurisdictionCentral Government

Finance Act, 1986 Section 16

Amendment of Section 74a

~1 min read
https://sooperkanoon.com/act/13340

Bare act section · Research

About this section

Finance Act, 1986 Section 16 is part of Finance Act, 1986 - Amendment of Section 74a. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 74A of the Income-tax Act, with effect from the 1st day of April, 1987, -

(a) sub-sections (1) and (2) shall be omitted;

(b) in sub-section (3), -

(i) in the opening portion, -

(A) the words "Where for any assessment year," shall be omitted;

(B) for the portion beginning with the words "the net result of the computation" and ending with the words "owning and maintaining race horses", the following shall be substituted, namely :-

"the amount of loss incurred by the assessee in the activity of owning and maintaining race horses in any assessment year shall not be set off against income, if any, from any source other than the activity of owning and maintaining race horses in that year and";

(ii) in clause (a), for the words, brackets, letter and figure "from the source specified in clause (c) of sub-section (2)", the words "from the activity of owning and maintaining race horses," shall be substituted.

Frequently asked questions

What does Finance Act, 1986 Section 16 provide?

Section Section 16 of the Finance Act, 1986 (Amendment of Section 74a) is reproduced on this page as part of the Finance Act, 1986. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1986 Section 16?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1986 Section 16. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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