# The Finance Act, 1967, Section 25: Substitution of new section for section 85

- Act: The Finance Act, 1967 (Act 20 of 1967)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1967/section/25/

## Text

Substitution of new section for section 85 25. 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.". [Finance (No. 2) Act, 1967] © Copyright. Taxmann Publications Pvt. Ltd.

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