Omitted

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....ad as, "there shall be allowed a deduction from such income of an amount equal to sixty per cent. thereof" 3.  Substituted vide Section 20 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, "assessee being an Indian company" 4.  Substituted vide Section 20 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read....

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....f. 01-04-1985 before it was read as, "a deduction of the whole of the income" 10.  Omitted vide Section 22 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "^1[Deduction in respect of dividends received from certain foreign companies. 80N. Where shares in a foreign company have been allotted to an ^3[assessee, being an Indian company ^6[....

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....a, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed ^9[a deduction of an amount equal to fifty per cent. of the income] so received in, or brought into, India,] in computing the total income of the assessee.] ^5[Provided that the application for suc....