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Amalgamation speculative profit
in case of sec. 72A, whether speculative profit will be used to set off speculative loss or not.
Replies (5)
Quick Summary
Sec. 72A of IT act is for Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
Not for speculative business adjustment!
Then if there is speculative profit and loss. Can they be adjusted.
Yes, read sec. 73 of IT act, it can be carried forward to next 4 years for adjustment against speculative profits...
Meaning of there is speculative profit it can be adjusted against it
Yes, only against speculative loss... but not against any loss of gambling nature...
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