Section 71 — 'Set-off of loss from one head against income from another' — Chapter VI.
02. Sub-section structure
(1) Default inter-head; (2) Inter-head incl CG; (2A) HP cap Rs 2 L (FA 2017); (3) CG loss NOT inter-head; (3A) Speculation NOT inter-head; (4) PGBP NOT against salary.
Section 71 is the second-stage set-off — inter-head set-off after intra-head (s. 70) is exhausted. The default rule under s. 71(1) / (2) allows residual loss from any non-CG head to be set off against any other head (including CG under s. 71(2)). Three operative restrictions: (a) Capital gains losses cannot be inter-head set off (s. 71(3)) — they must wait for s. 74 CF; (b) Speculation business losses cannot be inter-head set off (s. 71(3A) read with s. 73); (c) PGBP losses cannot be set off against salary (s. 71(4)).
FA 2017 — most significant amendment — section 71(2A) introduced Rs 2 lakh cap on HP loss set-off against other heads. Pre-FA 2017, HP losses could fully offset other-head income; post-FA 2017, the excess is carried forward under section 71B (up to 8 years). This was a fundamental restructuring of tax planning around housing-loan interest deductions.
Practitioner significance — inter-head set-off is a powerful tax-planning lever. Common applications: (a) HP loss against salary (capped Rs 2 L post FA 2017); (b) PGBP loss against OS / HP; (c) OS loss against PGBP. The framework preserves progressive taxation while permitting commercial-loss recognition.
The transition to the Income-tax Act, 2025 preserves section 71 architecture with FA 2017 Rs 2 L cap intact.
FINANCE ACT AMENDMENT TIMELINE
■ FA 1962 — Section 71 came into force.
■ FA 1996 — Inter-head framework refined.
■ FA 2005 — Section 71(2A) groundwork.
■ FA 2017 — Section 71(2A) Rs 2 L HP loss cap; major restructuring.
Facts. The Department sought to apply a surcharge provision retrospectively to block-period assessments. The assessee contended that the amendment was substantive and could not have retrospective operation absent express legislative direction.
Issue. Whether amendments to taxing statutes operate prospectively unless the legislature has expressly or by necessary implication conferred retrospective effect.
HELD. The Constitution Bench reaffirmed the general rule against retrospectivity of taxing statutes. A taxing provision must be construed prospectively unless the language compels otherwise; mere insertion or substitution by amendment is not sufficient to deny vested rights.
“Of the various rules guiding how a legislation has to be interpreted, one established rule is that unless a contrary intention appears, a legislation is presumed not to be intended to have a retrospective operation.”
Relevance. Anchor authority for any argument that an amendment to a charging or computational provision must apply only from the AY notified — useful in transitional disputes around FA 2025 and the 1961 → 2025 changeover.
Facts. Section 52(2) (since deleted) deemed sale consideration to be FMV where FMV exceeded the declared consideration by 15%. The Department applied it on a literal reading even when the assessee had not in fact received more than the declared price.
Issue. Whether a deeming provision in a charging schema can be construed literally where its plain reading produces a result manifestly contrary to legislative object.
HELD. The Court read down section 52(2) to apply only where the assessee had actually received consideration in excess of the declared sum. A literal construction yielding absurd or unjust results must yield to an object-based interpretation; the CBDT's contemporaneous Circular No. 96 was held binding on the Revenue.
“It is well settled that a literal construction of a statutory provision ought not to be adopted if it produces a manifestly unjust result… Where a literal construction creates an anomaly, the courts will adopt that construction which avoids the anomaly.”
Relevance. Anchor authority for purposive construction of deeming fictions across the 1961 Act — applies wherever a deeming clause (e.g., s. 50C, s. 56(2)(x), s. 2(22)(e)) yields a result contrary to legislative purpose.
▸ Mathuram Agrawal v. State of Madhya Pradesh (1999) 8 SCC 667 ; (2000) 1 SCR 1 (Supreme Court)
Facts. A municipal levy was challenged on the ground that the charging provision did not clearly specify the rate, the persons charged, and the measure of tax.
Issue. Whether a tax can be imposed in the absence of a clear, unambiguous charging provision identifying the subject, measure, rate, and incidence.
HELD. Article 265 demands that tax be levied only by clear authority of law. The four components — taxable event, person, rate, and measure — must be clearly discernible from the charging provision; ambiguity is fatal to the levy.
“The intention of the Legislature in a taxation statute is to be gathered from the language of the provisions, particularly when the language is plain and unambiguous. In a taxing Act it is not possible to assume any intention or governing purpose other than what is given expression to.”
Relevance. Foundational authority on the rigour required of charging sections — underpins arguments that ambiguous deeming fictions, surcharge formulas, and rate prescriptions must be strictly construed.
▸ Commissioner of Income-tax v. Excel Industries Ltd. (2013) 358 ITR 295 ; (2014) 2 SCC 1 (Supreme Court)
Facts. The assessee, an export-oriented unit, received DEPB licences and Advance Licences. The Department sought to tax the value of these incentives on accrual at the time of issue; the assessee contended that no income accrued until the licence was actually used or sold.
Issue. When does income accrue under the mercantile system — at the moment a right is created, or at the moment the right becomes enforceable as a debt?
HELD. Income accrues only when there is a corresponding liability of the other party. Mere creation of a contingent or unmatured right does not amount to accrual; the right must crystallise into a debt before tax incidence.
“Income accrues when there arises in favour of the assessee a debt — when there is a corresponding liability of the other party to pay the amount. It is not enough that the right has come into being; the right must ripen into a debt.”
Relevance. Anchor for accrual-vs-receipt timing disputes under section 5 / section 145 — relevant for retention monies, export incentives, contingent claim settlements, milestone-based contracts.
▸ Commissioner of Income-tax v. B.C. Srinivasa Setty (1981) 128 ITR 294 ; (1981) 2 SCC 460 (Supreme Court)
Facts. The assessee transferred goodwill of a self-generated nature. The Department sought to tax the consideration as capital gains; the assessee contended that no cost of acquisition could be ascertained, hence the computation provisions failed.
Issue. Whether capital gains arises where the asset has no ascertainable cost of acquisition — i.e., whether the charging provision can be invoked independently of a workable computation provision.
HELD. The charging section and the computation provisions form an integrated code; if the computation provisions cannot apply (because the cost is incapable of ascertainment), the charge itself fails. Self-generated goodwill is not taxable as capital gains.
“The charging section and the computation provisions together constitute an integrated code. When there is a case to which the computation provisions cannot apply at all, it is evident that such a case was not intended to fall within the charging section.”
Relevance. Anchor for the 'charge fails when computation fails' doctrine — useful in valuation impasses, self-generated assets, and computational ambiguity (though now largely overtaken by section 55(2)(a)(i) deeming cost as nil).
CBDT CIRCULARS — ECOSYSTEM
▸ CBDT Circular No. 14(XL-35) of 1955 dated 11 April 1955
Subject. Duty of officers to assist assessees in claiming and securing relief
Substance. Foundational circular directing that the AO should not exploit assessee ignorance to deny legitimate reliefs; officer is required to draw attention to refunds or reliefs to which the assessee is entitled. The circular has been judicially noted in several appellate decisions and remains operative for first-appellate practice.
Substance. Explained the FA 1987 / FA 1989 amendments unifying the previous year with the financial year preceding the AY, including transitional provisions for assessees with different accounting years. Useful in any controversy on the timing of accrual / chargeability for early post-1989 AYs.
▸ CBDT Circular No. 5 of 2014 dated 11 February 2014
Subject. Section 14A — dis-allowance even where no exempt income earned (since modulated)
Substance. Initially directed AOs to apply Rule 8D disallowance under section 14A even where no exempt income was earned in the year; subsequently modulated by Cheminvest (Del HC) and Maxopp (SC). FA 2022 amendment to section 14A re-asserted the position but remains under litigation.
WORKED EXAMPLES
Illustration — Illustration 1 — HP loss against salary (post FA 2017)
Facts. F has salary Rs 15 L + HP loss Rs 4 L (interest > rent income).
Computation.
S. 70 — Intra-HP exhausted (single HP).
S. 71(2A) — Inter-head HP loss against salary capped Rs 2 L.
Set off Rs 2 L; balance Rs 2 L carried forward under s. 71B.
Net taxable = Rs 15 L − Rs 2 L = Rs 13 L.
Result. FA 2017 cap restricts inter-head HP-loss set-off; CF preserved.
Illustration — Illustration 2 — PGBP loss against OS / HP (not salary)
Facts. G has PGBP loss Rs 5 L + OS income Rs 3 L + salary Rs 10 L.
Computation.
S. 71(4) — PGBP loss CANNOT be set off against salary.
STATUTORY ARCHITECTURE — 18-ROW MAP
01. Section & marginal note
Section 71 — 'Set-off of loss from one head against income from another' — Chapter VI.
02. Sub-section structure
(1) Default inter-head; (2) Inter-head incl CG; (2A) HP cap Rs 2 L (FA 2017); (3) CG loss NOT inter-head; (3A) Speculation NOT inter-head; (4) PGBP NOT against salary.
03. Operative trigger
Residual loss after intra-head set-off (s. 70).
04. Persons affected
All assessees.
05. Time anchor — PY / AY
Annual.
06. Income anchor
Inter-head; reduces other heads' income.
07. Residential-status nexus
Standard.
08. Rate / charge mechanism
Reduces aggregate before charge.
09. TDS / TCS interaction
Standard.
10. Advance-tax obligation
On net aggregate.
11. Presumptive provisions
N/A.
12. Exemption / deduction mechanism
Section 71 IS the inter-head mechanism.
13. Refund / credit
Standard.
14. Return / disclosure reporting
ITR Schedule CYLA.
15. Penalty exposure
Section 270A.
16. Prosecution exposure
Section 277.
17. Cross-statute interplay
Companies Act accounting; ICDS.
18. Repeal & saving — 1961 → 2025
Preserved.
HISTORICAL CONTEXT
Section 71 is the second-stage set-off — inter-head set-off after intra-head (s. 70) is exhausted. The default rule under s. 71(1) / (2) allows residual loss from any non-CG head to be set off against any other head (including CG under s. 71(2)). Three operative restrictions: (a) Capital gains losses cannot be inter-head set off (s. 71(3)) — they must wait for s. 74 CF; (b) Speculation business losses cannot be inter-head set off (s. 71(3A) read with s. 73); (c) PGBP losses cannot be set off against salary (s. 71(4)).
FA 2017 — most significant amendment — section 71(2A) introduced Rs 2 lakh cap on HP loss set-off against other heads. Pre-FA 2017, HP losses could fully offset other-head income; post-FA 2017, the excess is carried forward under section 71B (up to 8 years). This was a fundamental restructuring of tax planning around housing-loan interest deductions.
Practitioner significance — inter-head set-off is a powerful tax-planning lever. Common applications: (a) HP loss against salary (capped Rs 2 L post FA 2017); (b) PGBP loss against OS / HP; (c) OS loss against PGBP. The framework preserves progressive taxation while permitting commercial-loss recognition.
The transition to the Income-tax Act, 2025 preserves section 71 architecture with FA 2017 Rs 2 L cap intact.
FINANCE ACT AMENDMENT TIMELINE
■ FA 1962 — Section 71 came into force.
■ FA 1996 — Inter-head framework refined.
■ FA 2005 — Section 71(2A) groundwork.
■ FA 2017 — Section 71(2A) Rs 2 L HP loss cap; major restructuring.
■ FA 2019 / 2023 — Cosmetic refinements.
■ FA 2025 — No substantive change.
■ Income-tax Act, 2025 — Section 71 successor, operative 1-4-2026.
JUDICIAL EVOLUTION — VERIFIED LANDMARK AUTHORITIES
▸ Commissioner of Income-tax v. Vatika Township Pvt. Ltd. (2014) 367 ITR 466 ; (2015) 1 SCC 1 (Supreme Court — 5-Judge Constitution Bench)
Facts. The Department sought to apply a surcharge provision retrospectively to block-period assessments. The assessee contended that the amendment was substantive and could not have retrospective operation absent express legislative direction.
Issue. Whether amendments to taxing statutes operate prospectively unless the legislature has expressly or by necessary implication conferred retrospective effect.
HELD. The Constitution Bench reaffirmed the general rule against retrospectivity of taxing statutes. A taxing provision must be construed prospectively unless the language compels otherwise; mere insertion or substitution by amendment is not sufficient to deny vested rights.
“Of the various rules guiding how a legislation has to be interpreted, one established rule is that unless a contrary intention appears, a legislation is presumed not to be intended to have a retrospective operation.”
Relevance. Anchor authority for any argument that an amendment to a charging or computational provision must apply only from the AY notified — useful in transitional disputes around FA 2025 and the 1961 → 2025 changeover.
▸ K.P. Varghese v. Income-tax Officer, Ernakulam (1981) 131 ITR 597 ; (1981) 4 SCC 173 (Supreme Court — 3-Judge Bench)
Facts. Section 52(2) (since deleted) deemed sale consideration to be FMV where FMV exceeded the declared consideration by 15%. The Department applied it on a literal reading even when the assessee had not in fact received more than the declared price.
Issue. Whether a deeming provision in a charging schema can be construed literally where its plain reading produces a result manifestly contrary to legislative object.
HELD. The Court read down section 52(2) to apply only where the assessee had actually received consideration in excess of the declared sum. A literal construction yielding absurd or unjust results must yield to an object-based interpretation; the CBDT's contemporaneous Circular No. 96 was held binding on the Revenue.
“It is well settled that a literal construction of a statutory provision ought not to be adopted if it produces a manifestly unjust result… Where a literal construction creates an anomaly, the courts will adopt that construction which avoids the anomaly.”
Relevance. Anchor authority for purposive construction of deeming fictions across the 1961 Act — applies wherever a deeming clause (e.g., s. 50C, s. 56(2)(x), s. 2(22)(e)) yields a result contrary to legislative purpose.
▸ Mathuram Agrawal v. State of Madhya Pradesh (1999) 8 SCC 667 ; (2000) 1 SCR 1 (Supreme Court)
Facts. A municipal levy was challenged on the ground that the charging provision did not clearly specify the rate, the persons charged, and the measure of tax.
Issue. Whether a tax can be imposed in the absence of a clear, unambiguous charging provision identifying the subject, measure, rate, and incidence.
HELD. Article 265 demands that tax be levied only by clear authority of law. The four components — taxable event, person, rate, and measure — must be clearly discernible from the charging provision; ambiguity is fatal to the levy.
“The intention of the Legislature in a taxation statute is to be gathered from the language of the provisions, particularly when the language is plain and unambiguous. In a taxing Act it is not possible to assume any intention or governing purpose other than what is given expression to.”
Relevance. Foundational authority on the rigour required of charging sections — underpins arguments that ambiguous deeming fictions, surcharge formulas, and rate prescriptions must be strictly construed.
▸ Commissioner of Income-tax v. Excel Industries Ltd. (2013) 358 ITR 295 ; (2014) 2 SCC 1 (Supreme Court)
Facts. The assessee, an export-oriented unit, received DEPB licences and Advance Licences. The Department sought to tax the value of these incentives on accrual at the time of issue; the assessee contended that no income accrued until the licence was actually used or sold.
Issue. When does income accrue under the mercantile system — at the moment a right is created, or at the moment the right becomes enforceable as a debt?
HELD. Income accrues only when there is a corresponding liability of the other party. Mere creation of a contingent or unmatured right does not amount to accrual; the right must crystallise into a debt before tax incidence.
“Income accrues when there arises in favour of the assessee a debt — when there is a corresponding liability of the other party to pay the amount. It is not enough that the right has come into being; the right must ripen into a debt.”
Relevance. Anchor for accrual-vs-receipt timing disputes under section 5 / section 145 — relevant for retention monies, export incentives, contingent claim settlements, milestone-based contracts.
▸ Commissioner of Income-tax v. B.C. Srinivasa Setty (1981) 128 ITR 294 ; (1981) 2 SCC 460 (Supreme Court)
Facts. The assessee transferred goodwill of a self-generated nature. The Department sought to tax the consideration as capital gains; the assessee contended that no cost of acquisition could be ascertained, hence the computation provisions failed.
Issue. Whether capital gains arises where the asset has no ascertainable cost of acquisition — i.e., whether the charging provision can be invoked independently of a workable computation provision.
HELD. The charging section and the computation provisions form an integrated code; if the computation provisions cannot apply (because the cost is incapable of ascertainment), the charge itself fails. Self-generated goodwill is not taxable as capital gains.
“The charging section and the computation provisions together constitute an integrated code. When there is a case to which the computation provisions cannot apply at all, it is evident that such a case was not intended to fall within the charging section.”
Relevance. Anchor for the 'charge fails when computation fails' doctrine — useful in valuation impasses, self-generated assets, and computational ambiguity (though now largely overtaken by section 55(2)(a)(i) deeming cost as nil).
CBDT CIRCULARS — ECOSYSTEM
▸ CBDT Circular No. 14(XL-35) of 1955 dated 11 April 1955
Subject. Duty of officers to assist assessees in claiming and securing relief
Substance. Foundational circular directing that the AO should not exploit assessee ignorance to deny legitimate reliefs; officer is required to draw attention to refunds or reliefs to which the assessee is entitled. The circular has been judicially noted in several appellate decisions and remains operative for first-appellate practice.
▸ CBDT Circular No. 549 dated 31 October 1989
Subject. Explanatory notes — Finance Act 1989 amendments (incl. PY unification)
Substance. Explained the FA 1987 / FA 1989 amendments unifying the previous year with the financial year preceding the AY, including transitional provisions for assessees with different accounting years. Useful in any controversy on the timing of accrual / chargeability for early post-1989 AYs.
▸ CBDT Circular No. 5 of 2014 dated 11 February 2014
Subject. Section 14A — dis-allowance even where no exempt income earned (since modulated)
Substance. Initially directed AOs to apply Rule 8D disallowance under section 14A even where no exempt income was earned in the year; subsequently modulated by Cheminvest (Del HC) and Maxopp (SC). FA 2022 amendment to section 14A re-asserted the position but remains under litigation.
WORKED EXAMPLES
Illustration — Illustration 1 — HP loss against salary (post FA 2017)
Facts. F has salary Rs 15 L + HP loss Rs 4 L (interest > rent income).
Computation.
S. 70 — Intra-HP exhausted (single HP).
S. 71(2A) — Inter-head HP loss against salary capped Rs 2 L.
Set off Rs 2 L; balance Rs 2 L carried forward under s. 71B.
Net taxable = Rs 15 L − Rs 2 L = Rs 13 L.
Result. FA 2017 cap restricts inter-head HP-loss set-off; CF preserved.
Illustration — Illustration 2 — PGBP loss against OS / HP (not salary)
Facts. G has PGBP loss Rs 5 L + OS income Rs 3 L + salary Rs 10 L.
Computation.
S. 71(4) — PGBP loss CANNOT be set off against salary.
Set off Rs 3 L against OS.
Balance Rs 2 L PGBP loss → s. 72 CF (8 years).
Salary Rs 10 L fully taxable.
Result. PGBP-vs-salary carve-out preserves payroll-tax integrity.
Illustration — Illustration 3 — CG loss NOT inter-head
Facts. H has STCL Rs 4 L + salary Rs 12 L + HP income Rs 2 L.
Computation.
S. 71(3) — CG losses NOT inter-head set-off.
STCL Rs 4 L cannot offset salary / HP.
STCL → s. 74 CF for 8 years.
Salary + HP fully taxable.
Result. Capital losses isolated from other heads; preserve via s. 74 CF.
Illustration — Illustration 4 — Speculation loss NOT inter-head
Facts. J has speculation business loss Rs 6 L + regular PGBP profit Rs 8 L.
Computation.
S. 73 + s. 71(3A) — Speculation loss NOT inter-head.
Even within PGBP, speculation cannot offset regular business.
Speculation loss → s. 73 CF (4 years; only against speculation).
Regular PGBP Rs 8 L fully taxable.
Result. Speculation segregated from regular business — anti-avoidance against speculative-loss arbitrage.
Illustration — Illustration 5 — OS loss flexibility
Facts. K has OS loss Rs 3 L (interest > dividend) + HP income Rs 2 L + PGBP profit Rs 4 L.
Computation.
S. 71(2) — OS loss inter-head set-off.
Set off Rs 3 L against HP / PGBP combined Rs 6 L.
Net income = Rs 6 L − Rs 3 L = Rs 3 L.
Result. OS losses flexibly inter-head set-off.
PRACTITIONER PLANNING NOTES
■ Loss-tracking discipline — separate ledger per head + per source per PY.
■ Section 80 — Return-filing requirement for CF of all heads (except HP and unabsorbed depreciation).
■ Intra-head before inter-head — s. 70 before s. 71.
■ Section 71B HP loss CF — Rs 2 L cap on set-off; CF 8 years.
■ Section 72 business loss CF — 8 years; only against PGBP head.
■ Section 73 speculation loss CF — 4 years; only against speculation.
■ Section 74 capital loss CF — 8 years; LTCG / STCG segregation.
■ Section 79 closely-held company — 51% ownership-change bars CF.
■ Section 79A search assessment bar — no set-off of losses against search-discovered income.
■ Section 80 — Return filed within s. 139(1) due date essential for CF.
■ FA 2017 / 2019 / 2023 — restrictive amendments tightening CF framework.
■ Unabsorbed depreciation — section 32(2) carry-forward indefinite.
■ Section 71B HP CF — 8 years; aggregate cap Rs 2 L.
■ Documentation — ledger / Schedule CFL in ITR — 7 years minimum.
■ Annual review of loss-CF tracking for set-off in subsequent years.
LITIGATION DEFENCE
■ Strict construction — Mathuram Agrawal anchor.
■ Object-based — K.P. Varghese.
■ Prospective amendment — Vatika Township for FA 2017 / 2019 changes.
■ Excel Industries accrual — for loss-period determination.
■ ED Sassoon vested-right — for CF rights as property.
■ BC Srinivasa Setty — computation issues.
■ Section 80 return-filing defence — argue belated return where CF claim arises.
■ Section 79 ownership-change defence — preserve genuine commercial substance.
■ Section 79A search defence — argue CF rights protected on disclosed income.
■ Section 72 / 73 / 74 head-specific defence — preserve character of loss.
■ Time-bar defence — 8 years (business) / 4 years (speculation) / etc.
■ Calcutta Discount Article 226 — for jurisdictional challenges.
■ Section 273B reasonable-cause defence.
■ Beneficial circulars — UCO Bank anchor.
■ Documentation defence — ledger / Schedule CFL evidence.
■ Counter-party / continuity-of-business preservation.
PROCEDURE
Step 1. Apply s. 70 intra-head first
Source-wise netting.
Step 2. Residual head-loss → s. 71 inter-head
Subject to restrictions.
Step 3. Apply s. 71(1)/(2) general inter-head
Where applicable.
Step 4. Apply s. 71(2A) HP loss cap Rs 2 L
FA 2017 restriction.
Step 5. Apply s. 71(3) CG loss carve-out
No inter-head.
Step 6. Apply s. 71(3A) speculation carve-out
No inter-head.
Step 7. Apply s. 71(4) PGBP vs salary
No set-off.
Step 8. Compute net aggregate income
After all set-offs.
Step 9. Section 80 return-filing for CF
Within s. 139(1) due date.
Step 10. ITR Schedule CYLA
Current-year disclosure.
Step 11. Section 71B / 72 / 73 / 74 CF tracking
For unabsorbed losses.
Step 12. Apply Chapter VI-A deductions
After set-offs.
Step 13. Compute total income
GTI − Chapter VI-A.
Step 14. Apply s. 4 charge
Slab / flat.
Step 15. Documentation 7 years
Loss-origin + set-off ledger.
PRACTITIONER CHECKLIST
☐ Intra-head set-off s. 70 applied.
☐ Residual losses identified.
☐ Inter-head s. 71(1)/(2) default.
☐ HP cap Rs 2 L (s. 71(2A)).
☐ CG loss carve-out (s. 71(3)).
☐ Speculation carve-out (s. 71(3A)).
☐ PGBP-vs-salary carve-out (s. 71(4)).
☐ Net aggregate computed.
☐ Section 80 return-filing.
☐ ITR Schedule CYLA.
☐ Schedule CFL populated.
☐ Schedule BFLA populated.
☐ Chapter VI-A after set-offs.
☐ Total income final.
☐ Section 4 charge.
☐ Section 71B HP CF.
☐ Section 72 / 73 / 74 CF tracking.
☐ Documentation 7 years.
☐ Annual loss-CF review.
CROSS-REFERENCES
▸ Section 14 — Heads.
▸ Section 70 — Intra-head.
▸ Section 71 — THIS SECTION.
▸ Section 71B — HP CF.
▸ Section 72 — Business CF.
▸ Section 73 — Speculation.
▸ Section 73A — Specified business.
▸ Section 74 — Capital loss CF.
▸ Section 74A — Race horse.
▸ Section 78 — Firm reconstitution.
▸ Section 79 — Closely-held company.
▸ Section 79A — Search assessment.
▸ Section 80 — Return-filing.
▸ Section 32(2) — Unabsorbed depreciation.
▸ Section 111A / 112 / 112A — Capital gains rates.
▸ ITR Schedules CYLA / CFL / BFLA.
▸ Income-tax Act, 2025 — Section 71 (successor), operative 1-4-2026.
▸ Income-tax Act, 2025 — Section 536 (saving).