Section 5(10) in The Companies (Temporary Restrictions On Dividends) Act, 1974
(10)Notwithstanding anything to the contrary contained in the Income- tax Act, 1961 , the Income- tax Officer shall not, for the purposes of that Act, treat an assessee to whom any instalment of deferred dividend is payable as in default in respect of that part of income- tax which is due in respect of such instalment of deferred dividend, as reduced by the income- tax, if any, deducted at source from such instalment, and shall continue to treat the assessee as not in default in respect of the said part of the income- tax, as so reduced, until the expiry of thirty- five days from the date on which such instalment becomes due and payable to the assessee or the warrant in respect of such instalment is transferred by the assessee to any person, whichever is earlier, and no interest shall be chargeable under sub- section (2) of section 220 of that Act in respect of the said part of the income- tax, as so reduced, for the period during which the assessee is treated as not in default. Explanation.- In this sub- section," assessee" has the meaning assigned to it in clause, (7) of section 2 of the Income- tax Act, 1961 ,]
