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Report No. 12

114. Special provisions for certain companies.-

No order under section 113 [section 23A(1) operative part] shall be made,-

(i) in the case of an investment company which has distributed not less than ninety per cent. of its distributable income; or

(ii) in the case of any other company whose distribution falls short of the statutory percentage by not more than five per cent. of its distributable income; or

(iii) in any case where according to the return made by a company under section 143 [22] it has distributed not less than the statutory percentage of its distributable income, but in the assessment made by the Income-tax Officer under section 147 or 148 [23] a higher total income is arrived at and the difference in the total income does not arise out of the application of section 150(1) Proviso or section 150(2) [proviso to section 13] or section 148 [sub-section (4) of section 23] or the omission by the company to disclose its income fully and truly;

unless the company, on receipt of a notice from the Income-tax Officer that he proposes to make such an order, fails to make within three months of the receipt of such notice, a further distribution of its profits and gains so that the total distribution made is not less than the statutory percentage of the distributable income.

[Section 23A(2)]

Income-Tax Act, 1922 Back

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