Dividend paid or deemed to have been paid by company out of its "tax holiday" profits - Relief denied to shareholders in the absence of proper certificate re. percentage of tax-free profits - Whether relief under the section should be allowed on production of necessary certificate after expiry of time limit specified under section 154(7) - Order under section 119(2)(b)

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....:- 25-2-1972 Circular Dated:- 25-2-1972 Circular<br>Income Tax<br>Circular No 79 Dated 25/2/1972 SECTION 80K&nbsp;- DIVIDENDS ATTRIBUTABLE TO PROFITS AND GAINS FROM NEW INDUSTRIAL UNDERTAKINGS Dividend paid or deemed to have been paid by company out of its "tax holiday" profits - Relief denied to shareholders in the absence of proper certificate re. percentage of tax-free profits - Whethe....

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....ns to produce proper certificates from the concerned companies indicating the percentage of the tax-free profits as required under rule 31(4) of the Income-tax Rules. This mostly happened when the companies declared dividend even before the Income-tax Officer assessing them had determined what percentage of their profits and gains were exempt from tax under section 80J. 3. When in the type of c....