Dividend paid or deemed to have been paid by company out of its "tax holiday" profits - Relief denied to shareholders in the absence of proper certificate re. percentage of tax-free profits - Whether relief under the section should be allowed on production of necessary certificate after expiry of time limit specified under section 154(7) - Order under section 119(2)(b)

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..... Circular - Circulars - Income Tax - Circular No 79 Dated 25/2/1972 SECTION 80K - DIVIDENDS ATTRIBUTABLE TO PROFITS AND GAINS FROM NEW INDUSTRIAL UNDERTAKINGS Dividend paid or deemed to have been paid by company out of its "tax holiday" profits - Relief denied to shareholders in the absence of proper certificate re. percentage of tax-free profits - Whether relief under the section shoul .....

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..... ates from the concerned companies indicating the percentage of the tax-free profits as required under rule 31(4) of the Income-tax Rules. This mostly happened when the companies declared dividend even before the Income-tax Officer assessing them had determined what percentage of their profits and gains were exempt from tax under section 80J. 3. When in the type of cases mentioned in paragraph .....

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..... cified under sub-section (7) of section 154. Where any such applications have already been rejected and the assessees file fresh applications the same may also be treated on par with the applications which may either be pending or received after the issue of this circular. 4. The Board desire that any appeals or references pending on the point at issue may be withdrawn. Circular : No. 79 .....

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