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[Cites 0, Cited by 0] [Section 32(1)] [Section 32] [Entire Act]

Union of India - Subsection

Section 32(1)(c) in The Unit Trust Of India Act, 1963

(c)where a contributing institution is liable to be assessed to super profits tax under the Super Profits Tax Act, 1963 (14 of 1963), [or to surtax under the Companies (Profits) Surtax Act, 1964 (7 of 1964),] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)] in respect of its own income, profits or gains and receives any sum from the Trust under this Act in respect of its contribution to the initial capital, such sum as reduced by the amount of any income-tax and super-tax payable in respect thereof shall be excluded from the total income of the said institution in computing its chargeable profits for the purposes of super profits tax [or surtax] [Inserted by Act 17 of 1966, Section 10 (w.e.f. 1-4-1964, vide Act 20 of 1967, Section 45)]