Section 14 - Amendment of section 36 - Finance (No. 2) Act, 1996

14. Amendment of section 36 In section 36 of the Income-tax Act, in sub-section (1), in clause (viii), - (a) for the words before making any deduction under this section , the words before making any deduction under this clause shall be substituted and shall be deemed to have been substituted; (b) in the second proviso, for the words (excluding the amounts capitalised from reserves) , the words and of the general reserves shall be substituted with effect from the 1st day of April, 1997; (b) in the Explanation, after clause (d), the following clause shall be inserted and shall be deemed to have been inserted, namely :- (e) long-term finance means any loan or advance where the terms under which moneys are loaned or advanced provide for repayment along with interest thereof during a period of not less than five years. .