Beneficial ownership requirement expanded to permit companies owned by charitable institutions to qualify for exemption conditions. The amendment adds a new clause providing that a company meets the condition where at least 75 per cent. of its share capital is throughout the previous year beneficially held by an institution or fund established in the taxable territories for a charitable purpose, the income of which is exempt under clause (i) of sub section (3) of section 4; the clause is deemed effective from 1 April 1960, and the word 'or' is added to the end of clause (ii).
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Provisions expressly mentioned in the judgment/order text.
Beneficial ownership requirement expanded to permit companies owned by charitable institutions to qualify for exemption conditions.
The amendment adds a new clause providing that a company meets the condition where at least 75 per cent. of its share capital is throughout the previous year beneficially held by an institution or fund established in the taxable territories for a charitable purpose, the income of which is exempt under clause (i) of sub section (3) of section 4; the clause is deemed effective from 1 April 1960, and the word "or" is added to the end of clause (ii).
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