Deduction for dividends attributable to profits from industrial undertakings reduces shareholders' taxable dividend income where the company had tax exemption. A substituted section allows a deduction from dividend income for shareholders or persons taxable on dividends equal to the part attributable to profits and gains derived by the company from an industrial undertaking, ship or hotel business, where the company had no tax payable for earlier assessment years or is entitled to a statutory deduction for the applicable and subsequent assessment years; the allowance is subject to rules made by the Board.
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.
Deduction for dividends attributable to profits from industrial undertakings reduces shareholders' taxable dividend income where the company had tax exemption.
A substituted section allows a deduction from dividend income for shareholders or persons taxable on dividends equal to the part attributable to profits and gains derived by the company from an industrial undertaking, ship or hotel business, where the company had no tax payable for earlier assessment years or is entitled to a statutory deduction for the applicable and subsequent assessment years; the allowance is subject to rules made by the Board.
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