Finance Act, 1974

Restriction in respect of certain losses.

24.—No relief shall be given under section 309 of the Income Tax Act, 1967 , in respect of a loss sustained in any year of assessment prior to the year 1974-75 in the carrying on of farming, by deducting such loss from or setting it against the amount of the profits or gains from farming assessed for the year 1974-75 or any subsequent year of assessment.