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        F. Acts / Amendment Acts

        Section 20 - Amendment of section 104

        Finance Act, 1966
        Chapter III
        AMENDMENTS TO THE INCOME-TAX ACT

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        Tax treatment of distributable income amended to limit dividend reductions and adjust company qualification for relief. Amendment narrows the reduction of distributable income to amounts reduced only by dividends actually distributed, and omits the former clause (ii). Sub-section (4) is tightened by replacing 'wholly or mainly' with 'mainly in the construction of ships or', adding a clause treating companies that are neither Indian nor have prescribed dividend arrangements in India as qualifying, and updating the Explanation to include 'the construction of ships or in'.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Tax treatment of distributable income amended to limit dividend reductions and adjust company qualification for relief.

                                Amendment narrows the reduction of distributable income to amounts reduced only by dividends actually distributed, and omits the former clause (ii). Sub-section (4) is tightened by replacing "wholly or mainly" with "mainly in the construction of ships or", adding a clause treating companies that are neither Indian nor have prescribed dividend arrangements in India as qualifying, and updating the Explanation to include "the construction of ships or in".


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