Section 8 - Amendment of section 23A - Finance Act, 1961

8. Amendment of section 23A In section 23A of the Income-tax Act, in sub-section (1),- (a) in clause (ii), the word or shall be added at the end; and (b) after clause (ii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1960, namely:- (iii) that at least 75 per cent. of the share capital of the company is throughout the previous year beneficially held by an institution or fund established in the taxable territories for a charitable purpose the income whereof is exempt under clause (i) of sub-section (3) of section 4; .