Section 118 - Amendment of section 23A - Finance Act, 2007

Amendment of section 23A. 118. In section 23 A of the Central Excise 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;'.