(3)[The profits of business or profession of an assessee for the purposes of sub-section (1) shall] [ Substituted by Act 13 of 1989, Section 7, for certain words (w.e.f. 1.4.1991).][be an amount arrived at after deducting an amount equal to the depreciation computed in accordance with the provisions of sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of Parts II and III of the ] [Inserted by Act 23 of 1986, Section 8 (w.e.f. 1.4.1987).] [Schedule VI] [Substituted by Act 13 of 1989, Section 7, for certain words (w.e.f. 1.4.1991).][to the Companies Act, 1956 (1 of 1956), ] [Inserted by Act 23 of 1986, Section 8 (w.e.f. 1.4.1987).][as increased by the aggregate of-(i)the amount of depreciation;(ii)the amount of income-tax paid or payable, and provision therefor;(iii)the amount of surtax paid or payable under the Companies (Profits) Surtax Act, 1964 (7 of 1964);(iv)the amounts carried to any reserves, by whatever name called;(v)the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities;(vi)the amount by way of provision for losses of subsidiary companies; and(vii)the amount or amounts of dividends paid or proposed, if any debited to the profit and loss account; and as reduced by any amount or amounts withdrawn from reserves or provisions, if such amounts are credited to the profit and loss account [*].[* * *] [ Clause (b) omitted by Act 13 of 1989, Section 7 (w.e.f. 1.4.1991).]
