Section 142 - Amendment of section 23A - Finance Act, 2003

142. Amendment of section 23A. - In section 23A of the Central Excise Act, - (a) for clause (c), the following clause shall be substituted, namely :- '(c) "applicant" means - (i) a non-resident setting up a joint venture in India in collaboration with a non-resident or a resident; or (ii) a resident setting up a joint venture in India in collaboration with a non-resident; or (iii) a wholly owned subsidiary Indian company, of which the holding company is a foreign company, who proposes to undertake any business activity in India and makes application for advance ruling;'; (b) for clause (f), the following clause shall be substituted, namely :- '(f) "non-resident", "Indian company" and "foreign company" shall have the meanings respectively assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax Act, 1961 (43 of 1961).'.