(5)Where the business or profession referred to in this section is no longer in existence and there is income chargeable to tax under sub-section (1), [* * *] [ Certain words omitted by Act 46 of 1986, Section 7 (w.e.f. 1.4.1988).] sub-section (3)[, sub-section (4) or sub-section (4A)] [ Substituted by Act 26 of 1997, Section 9, for " or sub-Section (4)" (w.e.f. 1.4.1998).] in respect of that business or profession, any loss, not being a loss sustained in speculation business, [* * *] [ Certain words omitted by Act 11 of 1987, Section 74 (w.e.f. 1.4.1988).] which arose in that business or profession during the previous year in which it ceased to exist and which could not be set off against any other income of that previous year shall, so far as may be, be set off against the income chargeable to tax under the sub-sections aforesaid.
