18. In section 44BB of the Income-tax Act, after sub-section (3) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:—
"(4) Notwithstanding anything contained in sub-section (2) of section 32 and sub-section (1) of section 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of sub-section (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.".
