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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 80A of Income-tax Act: New rules on deductions, market value, and profit computation from April 1, 2003.</h1> Section 80A of the Income-tax Act was amended by the Finance (No. 2) Act, 2009, effective April 1, 2003. The amendment introduces sub-sections (4), (5), and (6). Sub-section (4) restricts the deduction of profits and gains of an eligible business to prevent double deductions under different provisions. Sub-section (5) disallows deductions if not claimed in the return of income. Sub-section (6) mandates that transfers of goods or services between businesses operated by the same assessee must be valued at market rates for deduction purposes, ensuring accurate profit computation. The explanation defines 'market value' for these transactions.
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