Report No. 12
126. Tax on capital gains in case of companies.-
Where the total income of a company includes any income chargeable under the head "Capital gains", the tax payable by it shall be-
(i) the amount of income-tax with which it is chargeable on its total income, and
(ii) the amount of super-tax with which it is chargeable on its total income as reduced by the amount of such inclusion, had the total income so reduced been its total income.
[Section 17(7), part.]