"One-third of the distributable profits" should be read as "one-third of the net profits of the company".

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Full Text of the Document

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....on<br>Income Tax<br>INSTRUCTION NO. 1041/CBDT Dated : February 25, 1977 Section(s) Referred: 37(1) Statute: Income - Tax Act, 1961 Reference is invited to Board's Instruction No. 875* (F. ....