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62. Aggregation of income from special sources
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62. Aggregation of income from special sources.—(1) The income from a special source referred to in Part III of the First Schedule shall be the current income from the special source for the financial year.
(2) The current income from the special source referred to in sub-section (1) shall be aggregated with the unabsorbed preceding year loss from the special source, if any ; and the income so aggregated shall be the gross total income from the special source, for the financial year.
(3) Where the gross total income from the special source referred to in sub-section (2) is negative, such income shall be treated as "nil" and the absolute value of the net result shall be the amount of unabsorbed current loss from the special source for the financial year.
(4) The gross total income from special source in respect of each special source computed under sub-sections (2) and (3) shall be aggregated and the net result of the aggregation shall be the total income from special sources for the financial year.
Clause 62 seeks to provide for the aggregation of income from special sources. The aggregate income from a special source in a financial year would be the current income from the special source for that financial year. The incomes from special sources are enumerated in Part III of the First Schedule to the Code.
The said clause further provides that the current income from the special source in a financial year shall be aggregated with the unabsorbed preceding year loss from the special source to arrive at the gross total income from the special source for that financial year.
The said clause also provides that if the gross total income from the special source so arrived at is negative then it shall be treated as nil and the absolute value of the negative income shall be the unabsorbed current loss from the special source for the financial year.
The said clause further provides that the gross total income from special source in respect of each special source shall be aggregated and the net result of the aggregation shall be the total income from special sources for the financial year.
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