Deduction in respect of dividends attributable to profits and gains from new industrial undertakings or ships or hotel business
Deduction in respect of dividends attributable to profits and gains from new industrial undertakings or ships or hotel business.
80-K. Where the gross total income of an assessee †[being the owner of any share or shares in a company, includes any income by way of dividends paid or deemed to have been paid] by the company in respect of such share or shares, there shall subject to any rules that may be made by the Board in this behalf, be allowed, in computing his total income, a deduction from such income by way of dividends of an amount equal to such part thereof as is attributable to the profits and gains derived by the company from an industrial undertaking or ship or the business of a hotel, on which no tax is payable by the company under this Act for any assessment year commencing prior to the 1st day of April, 1968, or in respect of which the company is entitled to a deduction under section 80J.
† Subs, by Finance Act, 1968, w.e.f. 1-4-1968.
[As amended by Finance Act, 1970]