Amend the Income-tax Rules, 1962 - 061/2007 - Income Tax

Amend the Income-tax Rules, 1962 NOTIFICATION NO. 61/2007, DATED 28-2-2007 In exercise of the powers conferred by section 295 read with clause ( xii ) of subsection (5) of section 11 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: 1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2007. (2) They shall come into force on the 1st day of March, 2007. 2.In the Income-tax Rules, 1962, in Part IV, in rule 17C, after clause ( v ), the following shall be inserted, namely: '(vi) investment by way of acquiring equity shares of an incubatee by an incubator. Explanation . For the purposes of this clause, (a) incubatee shall mean such incubatee as may be notified by the Government of India in the Ministry of Science and Technology; (b) incubator shall mean such Technology Business Incubator or Science and Technology Entrepreneurship Park as may be notified by the Government of India in the Ministry of Science and Technology. [F. No. FB/51/2007-TPL]