Section 97 - Amendment of section 28E - Finance Act, 2007

Amendment of section 28E. 97. In section 28E of the Customs Act, in clause (c), the following Explanation shall be inserted at the end, namely: - 'Explanation. - For the purposes of this clause, "joint venture in India" means a contractual arrangement whereby two or more persons undertake an economic activity which is subject to joint control and one or more of the participants or partners or equity holders is a non-resident having substantial interest in such arrangement;'.