CBDT Circular on Effect Of Explanation (Iii) To Section 115j – Clarification

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EFFECT OF EXPLANATION (III) TO SECTION 115J – CLARIFICATION CIRCULAR NO. 680, DATED 21-2-1994 1. Clause (iii) of the Explanation to section 115J, which was inserted by the Direct Tax Laws (Amendment) Act, 1989 with effect from assessment year 1989-90, provides for a deduction from the book profits attributable to a business, the profits from which are eligible for…

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