Amendment of section 64

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.... section 64 of the Income-tax Act, in sub-section (1) [as it stood immediately before its amendment by section 17 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)],- (a) in clauses (v....

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....reafter in this Explanation referred to as "the transferee") are invested by the transferee in any business, that part of the income arising out of the business to the transferee in any previous year,....