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of <h1>Tax Relief for Companies in Compulsory Liquidation: Profits from Prior Three Years Excluded Under Section 2 Explanation 2</h1> The amendment modifies section 2 of the Income-tax Act, specifically Explanation 2 to clause (22). It clarifies that in cases of compulsory liquidation due to government acquisition, the definition of liquidation shall not include profits from the three previous years preceding the acquisition year. This provision aims to provide tax-related guidance for companies undergoing compulsory liquidation by government entities.
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