"One-third of the distributable profits" should be read as "one-third of the net profits of the company".

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..... 1041/CBDT Dated : February 25, 1977 Section(s) Referred: 37(1) Statute: Income - Tax Act, 1961 Reference is invited to Board's Instruction No. 875* (F. No. 204/33/75-ITA.II), dated 5th .....

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