Exempts every Indian company engaged wholly or partly in the business of printing and publishing newspapers, magazines and journals or any one or more of them - S.O.2817 - Income Tax

Exempts every Indian company engaged wholly or partly in the business of printing and publishing newspapers, magazines and journals or any one or more of them NOTIFICATION NO. S.O.2817 DATED 14-8-1964 In exercise of the powers conferred by sub-section (3) of section 104 of the Income-tax Act, 1961 (43 of 1961), the Central Government, being of opinion that it is necessary and expedient in the public interest so to do, hereby exempts every Indian company engaged wholly or partly in the business of printing and publishing newspapers, magazines and journals or any one or more of them, from the operation of that section in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year : Provided that ----- ( a ) such publication or publications is or are printed in the press owned by the company ; ( b ) the value of the capital assets of the company being plant and machinery (other than officer appliances and road transport vehicles) as shown in its books of account on the last day of the relevant previous year exceeds rupees ten lakhs but is less than rupees fifty lakhs ; and ( c ) Where the company is only engaged in such business, its income, attributable to the said business, which is included in its total income for the relevant previous year, is not less than fifty-one per cent of such total income