Dividend reduction for parent companies where subsidiary-paid tax applies, limiting recognition and preventing double-counting on corporate distributions.

Allows a domestic company to reduce its amount under section 115-O by dividends received from a subsidiary if (a) the dividend is from that subsidiary, (b) the subsidiary has paid tax under the same section on that dividend, and (c) the domestic company is not a subsidiary of any other company; includes a proviso preventing the same dividend being used for reduction more than once and an explanation defining subsidiary as one in which another company holds more than half the nominal equity share capital.

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