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Section 92CE of Income Tax Act, 1961 needs amendment

JANUARY 11, 2018

By K G Bansal

1. SECTION 92CE regarding 'Secondary adjustment in certain cases' should be amended to deem the adjustment as dividend and not loan as it is deemed at present. This will avoid many hassles which the taxpayers face in the present scenario.

2. Explanation to section 73 regarding 'Losses in speculation business' should be deleted as it has lost relevance, particularly because of earlier amendment to sub-section (5) of section 43, by which even profits and losses of eligible transactions, if undertaken on a recognized stock exchanges, are taken as business profits.


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