Dividend taxation carve-out excludes dividends taxed under the dividend distribution regime from section 115ACA treatment.

The amendment substitutes the phrase "income by way of dividends" in section 115ACA with "income by way of dividends, other than dividends referred to in section 115-O", thereby excluding dividends covered by the dividend distribution tax regime from the scope of section 115ACA; the substitution takes effect from 1 April 2004.

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