Compulsory acquisition narrows liquidation profit inclusion by excluding pre-acquisition profits older than three prior years. Amendment inserts a limitation into the profit computation on liquidation where liquidation follows a compulsory acquisition by the Government or a government-owned/controlled corporation, deeming that any profits prior to three successive previous years immediately preceding the previous year of acquisition are excluded from the profits of the company for the purposes of the relevant explanation.
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Compulsory acquisition narrows liquidation profit inclusion by excluding pre-acquisition profits older than three prior years.
Amendment inserts a limitation into the profit computation on liquidation where liquidation follows a compulsory acquisition by the Government or a government-owned/controlled corporation, deeming that any profits prior to three successive previous years immediately preceding the previous year of acquisition are excluded from the profits of the company for the purposes of the relevant explanation.
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