Section 7 - Amendment of section 36 - Finance Act, 1997

7. Amendment of section 36 In section 36 of the Income-tax Act, - (a) in sub-section (1), - (i) in clause (vii), in the proviso, for the words a bank , the words an assessee shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1992; (ii) in clause (viii), with effect from the 1st day of April, 1998, - (A) for the words special reserve created , the words special reserve created and maintained shall be substituted; (B) in the Explanation, for clause (d), the following clause shall be substituted, namely :- (d) infrastructure facility shall have the meaning assigned to it in clause (23G) of section 10. ; (b) in sub-section (2), for clause (v), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1992, namely :- (v) where such debt or part of debt relates to advances made by an assessee to which clause (viia) of sub-section (1) applies, no such deduction shall be allowed unless the assessee has debited the amount of such debt or part of debt in that previous year to the provision for bad and doubtful debts account made under that clause. .