813/CBDT.

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....its) Surtax Act, 1964 and Explanation 1(b) in Para F of Part I of the First Schedule to Finance Act, 1966. The expression "on the first day of the previous year" has not been defined either in the companies (Profits) Surtax Act, 1964 or in the Finance Act 1966. 2. As per principle of construction, when a particular word is not specially defined it should be construed in the context in which it oc....