35. Where a dividend is paid by any resident company to any resident or non-resident company and either -
| (a) a deduction has been made under section 38 in respect of that dividend by the first-mentioned resident company ; or |
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| (b) that dividend is exempt from income tax under section 11 ; or |
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| (c) that dividend consists of any part of the amount of a dividend received by the first-mentioned resident company from another resident company, that divided shall, notwithstanding anything to the contrary in any other provision of this Act, be deemed not to form part of the assessable income of the second mentioned company. |
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Sri Lanka Consolidated Acts