Section 15 - Amendment of section 73 - Taxation Laws (Amendment) Act, 1975

15. Amendment of section 73. In section 73 of the Income-tax Act, the following Explanation shall be inserted at the end, namely; Explanation. Where any part of the business of a company [other than an investment company, as defined in clause (ii) of section 109, or a company the principal business of which is the business of banking or the granting of loans and advances] consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares. .