Deduction in respect of certain inter-corporate dividends.

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....te dividends. 148. (1) If the gross total income of a domestic company in any tax year includes any income by way of dividends from-- (a) any other domestic company; or (b) a foreign company; or ....

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....the amount of dividend distributed by the domestic company, has been allowed under sub-section (1) in any tax year, no deduction shall be allowed in respect of such amount in any other tax year. - ....