Privy Council.

Judgments delivered 3 July 1985.

Income tax – Mauritius – Tax exemption legislation – Legitimately taken advantage of by company – Undistributed profits of company not liable to tax as if in hands of shareholders – Legislation re-enacted in different form during company’s tax exemption period – Whether company’s undistributed profits now to be assessed as if in shareholder’s hands – Income Tax Act 1974, sec. 33(2), (4), 40.

  This was an appeal by the taxpayers from a decision of the Supreme Court of Mauritius concerning the proper construction of the Income Tax Act 1974.

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