Section 25 - Substitution of New Section For Section 85 - Finance (No. 2) Act, 1967

25. Substitution of New Section For Section 85 For section 85 of the Income-tax Act, the following section shall be and shall be deemed always to have been, substituted, namely :- 85. Dividend from new industrial undertaking or hotel business or ship. - Subject to any rules that may be made by the Board in this behalf, income-tax shall not be payable by a shareholder in respect of so much of any dividend paid or deemed to be paid to him out of the profits and gains derived by a company from an industrial undertaking or the business of a hotel or a ship to which section 84 applies as is attributable to that part of such profits and gains on which income-tax is not payable by the company under section 84. .