Relief to company in respect of dividend paid out of past taxed profits

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..... ndian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within India, pays any dividend wholly or partly out of its profits and gains actually charged to income-tax for any assessment year ending before the 1st day of April, 1960, and deducts tax therefrom in accordance with the provisions of Chapter XVII-B, credit shall be given to the co .....

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..... deemed first to have come out of the distributable income of that previous year and the balance, if any, out of the undistributed part of the distributable income of one or more previous years immediately preceding that previous year as would be just sufficient to cover the amount of such balance and as has not likewise been taken into account for covering such balance of any other previous year. .....

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..... Act, 1949 (10 of 1949), and as increased by- ( a ) any profits and gains or receipts of the company, not included in its total income 4 [(as computed before making any deduction under Chapter VI-A)]; and ( b ) any amount attributable to any allowance made in computing the profits and gains of the company for purposes of assessment, which the company has not taken into account in its p .....

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