Section 157:
Intimation of loss.
When, in the course of the assessment of the total income of any assessee,
it is established that a loss has taken place which the assessee is entitled to have carried forward and set
off under the provisions of sub-section (1) of section 72, sub-section (2) of section 73, 1
2
sub-section (1)
or sub-section (3) of section 74 or sub-section (3) of section 74A, the
Assessing Officer shall notify to
the assessee by an order in writing the amount of the loss as computed by him for the purposes of
sub-section (1) of section 72, sub-section (2) of section 73, 12
sub-section (1) or sub-section (3) of
section 74 or sub-section (3) of section 74A
Notes:
1. Subs. by Act 20 of 1974, s. 13, for “or sub-section (1) of section 74” (w.e.f. 1-4-1975).
2. Subs. by Act 11 of 1987, s. 74, for “sub-section (1) of section 74” (w.e.f. 1-4-1988).