Report No. 12
110. Newly established industrial undertakings.-
(1) The assessee shall be entitled to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax calculated at the average rate of super-tax on profits or gains derived from an industrial undertaking, in cases where and to the extent to which income-tax is not payable on such profits or gains under section 85 [15C for income-tax].
(2) A shareholder shall be entitled to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax calculated at the average rate of super-tax on so much of any dividend paid or deemed to be paid to him by an industrial undertaking as is attributable to that part of the profits or gains on which he is entitled to a deduction of super-tax under this section.
[Section 15E for super-tax and section 17(3), part]
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