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Period of carry forward of speculative losses

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(Querist)
08 January 2008 Finance Act, 2005 had substituted the word "eight" by the word "four" in Sub-section (4) of section 73 of Income-tax Act, 1961, with effect from 1-4-2006.

Question arises here as what will be the position of the losses suffered by the assessee before the Assessment Year 2006-07 (for which the Assessee was entitled to carry forward the same upto 8 years), which remained unsetoff as on 01.04.2006 and the period of four years from the end of relevant assessment year stood expired as on 01.04.2006; but the period of 8 years would expire after 01.04.2006.

Kindly also apprise if the captioned issue had come up and decided by any Court of Law.

Thankx and Regards
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CA. SUNIL KUMAR

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CA. SUNIL KUMAR (Querist)
08 January 2008 Section 73
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CA Ghanshyam Baheti

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CA Ghanshyam Baheti (Expert)
08 January 2008 the changing provision will not be effected retrospectively that will get the carry forward for eight years
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