Deduction restriction under Income-tax law bars dividend-related deductions tied to newly commenced industrial or similar enterprises.

A proviso disallows any deduction in respect of dividends attributable to profits and gains from an industrial undertaking that begins manufacturing or producing articles, from a cold storage plant or plants that begin operating, from a ship first brought into use, or from a hotel that starts functioning, where those commencements occur after 31 March 1976.

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