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Report No. 12

116. Savings for company in which public are substantially interested.-

Nothing contained in section 113 [section 23A(1), operative part] shall apply-

(a) to any company in which the public are substantially interested; or

(b) to a subsidiary company of such company if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year.

[Section 23A(9)]

Income-Tax Act, 1922 Back

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