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of <h1>Amendment to Income-tax Act: Companies trading shares classified as speculation business under Section 73 for tax purposes.</h1> In the amendment to Section 73 of the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Act, 1975, a new explanation is added. It specifies that if a company's business, excluding investment companies or those primarily engaged in banking or loans, involves buying and selling shares of other companies, this activity is considered a speculation business for tax purposes. This classification applies to the extent of the company's involvement in purchasing and selling such shares.
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