Income Tax Act, 1961
Section 7: Subs. by Act 22 of 2007, s. 13, for clause (viii) (w.e.f. 12008).
7. Subs. by Act 22 of 2007, s. 13, for clause (viii) (w.e.f. 12008).
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(iii) a banking company;
(iv) a co-operative bank other than a primary agricultural credit society or a primary
co-operative agricultural and rural development bank;
(v) a housing finance company; and
(vi) any other financial corporation including a public company;
(b) “eligible business” means,—
1[(i) in respect of the specified entity referred to in sub-clause (i) or sub-clause (ii) or
sub-clause (iii) or sub-clause (iv) of clause (a), the business of providing long-term
finance for—
(A) industrial or agricultural development;
(B) development of infrastructure facility in India; or
(C) development of housing in India;]
(ii) in respect of the specified entity referred to in sub-clause (v) of clause (a), the
business of providing long-term finance for the construction or purchase of houses in
India for residential purposes; and
(iii) in respect of the specified entity referred to in sub-clause (vi) of clause (a), the
business of providing long-term finance for development of infrastructure facility in
India;
(c) “banking company” means a company to which the Banking Regulation
Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in
section 51 of that Act;
(d) “co-operative bank”, “primary agricultural credit society” and “primary co-operative
agricultural and rural development bank” shall have the meanings respectively assigned to
them in the Explanation to sub-section (4) of section 80P;
(e) “housing finance company” means a public company formed or registered in India
with the main object of carrying on the business of providing long-term finance for
construction or purchase of houses in India for residential purposes;
(f) “public company” shall have the meaning assigned to it in section 3 of the Companies
Act, 1956 (1 of 1956);
(g) “infrastructure facility” means—
(i) an infrastructure facility as defined in the Explanation to clause (i) of
sub-section (4) of section 80-IA, or any other public facility of a similar nature as may be
notified by the Board in this behalf in the Official Gazette and which fulfils the
conditions as may be prescribed;
(ii) an undertaking referred to in clause (ii) or clause (iii) or clause (iv) or clause (vi)
of sub-section (4) of section 80-IA; and
(w.e.f. 12008).
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a banking company;
a co-operative bank other than a primary agricultural credit society or a primary
co-operative agricultural and rural development bank;
a housing finance company; and
any other financial corporation including a public company;
“eligible business” means,—
1[
in respect of the specified entity referred to in sub-clause
or sub-clause
or
sub-clause
or sub-clause
of clause
industrial or agricultural development;
development of infrastructure facility in India; or
development of housing in India;]
in respect of the specified entity referred to in sub-clause
of clause
in respect of the specified entity referred to in sub-clause
of clause
“banking company” means a company to which the Banking Regulation
Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in
section 51 of that Act;
“co-operative bank”, “primary agricultural credit society” and “primary co-operative
agricultural and rural development bank” shall have the meanings respectively assigned to
them in the Explanation to sub-section
of section 80P;
“housing finance company” means a public company formed or registered in India
with the main object of carrying on the business of providing long-term finance for
construction or purchase of houses in India for residential purposes;
“public company” shall have the meaning assigned to it in section 3 of the Companies
Act, 1956 (1 of 1956);
“infrastructure facility” means—
an infrastructure facility as defined in the Explanation to clause
of
sub-section
of section 80-IA, or any other public facility of a similar nature as may be
notified by the Board in this behalf in the Official Gazette and which fulfils the
conditions as may be prescribed;
an undertaking referred to in clause
or clause
or clause
or clause
of sub-section
of section 80-IA; and