Section 2 - Amendment of section 10 - Taxation Laws (Amendment) Act, 2005.

CHAPTER II AMENDMENTS TO THE INCOME-TAX ACT, 1961 2. Amendment of section 10. In section 10 of the Income-tax Act, 1961 (43 of 1961) (hereafter in this Chapter referred to as the Income-tax Act), with effect from the 1st day of April, 2006, (a) in clause (6BB), for the words, figures and letters or entered into after the 30th day of September, 2005 and approved by the Central Government in this behalf , the words, figures and letters or entered into after the 31st day of March, 2006 and approved by the Central Government in this behalf shall be substituted; (b) in clause (15A), in the proviso, for the words, figures and letters the 1st day of October, 2005 , the words, figures and letters the 1st day of April, 2006 shall be substituted; (c) after clause (38), the following clauses shall be inserted, namely:- (39) any specified income, arising from any international sporting event held in India, to the person or persons notified by the Central Government in the Official Gazette, if such international sporting event- (a) is approved by the international body regulating the international sport relating to such event; (b) has participation by more than two countries; (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation. For the purposes of this clause, the specified income means the income, of the nature and to the extent, arising from the international sporting event, which the Central Government may notify in this behalf; (40) any income of any subsidiary company by way of grant or otherwise received from an Indian company, being its holding company engaged in the business of generation or transmission or distribution of power if receipt of such income is for settlement of dues in connection with reconstruction or revival of an existing business of power generation: Provided that the provisions of this clause shall apply if reconstruction or revival of any existing business of power generation is by way of transfer of such business to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA; (41) any income arising from transfer of a capital asset, being an asset of an undertaking engaged in the business of generation or transmission or distribution of power where such transfer is effected on or before the 31st day of March, 2006, to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA. .