Amendment of section 105

Section 13 of the Finance Act, 1973 deals with amendment of section 105. Amendment of section 105 13. In section 105 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1974,— (a) in clause (i), after the words "has distributed", the words, brackets and figures”, within the period of twelve months referred to in sub-section (1) of section 10 The Act was enacted on 11 May 1973.

Amendment of section 105

13. In section 105 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1974,—

(a) in clause (i), after the words "has distributed", the words, brackets and figures”, within the period of twelve months referred to in sub-section (1) of section 104,” shall be inserted;

(b) in clause (ii), after the words "whose distribution", the words, brackets and figures “, within the period of twelve months referred to in sub-section (1) of section 104,” shall be inserted;

(c) in clause (iii), after the words "has distributed", the words, brackets and figures “, within the period of twelve months referred to in sub-section (1) of section 104,” shall be inserted;

(d) the following Explanation shall be inserted at the end, namely:—

Explanation.—For the purposes of clause (iv) of this sub- section "the sum distributed as dividends" means,—

(a) where in relation to the assessment made under section 143 of section 144, any further distribution of dividends was made by the company in pursuance of a notice under this sub-section, the aggregate of the following sums, namely:—

(i) the sum distributed as dividends within the period of twelve months referred to in sub-section (1) of section 104, and

(ii) the sum distributed as dividends within the period of three months from the receipt of the said notice;

(b) where an order under section 107A has been made by the Board in relation to the assessment made under section 143 or section 144, the sum distributed as dividends with in the period determined by the Board under the provisions of sub-section (4) of section 107A;

(c) in any other case, the sum distributed as dividends within the period of twelve months referred to in sub-section (1) of section 104.'.

[Finance Act, 1973]

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Section 13, The Finance Act, 1973 (Act 21 of 1973).