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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.]



Income-Tax Act, 1922 Back




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