Explanation to Section 73 is no more from 01/04/2012!

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Direct Tax Code 2010 has good news for companies Section 73  of the I T Act is about setting of losses of speculative business. Explanation to section 73 was inserted vide Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1977?. The said insertion was on account of Wanchoo Committee Report. Explanation.—Where any part of the business of…

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