Amendment of section 80HHD

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..... ", the words "within such further period as the competent authority may allow in this behalf" shall be substituted; (ii) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely :- 'Explanation 2. - For the purposes of this sub-section, the expression "competent authority" means the Reserve Bank o .....

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..... hall be inserted with effect from the 1st day of April, 2000, namely :- "(5A) Where any amount credited to the reserve account under clause (b) of sub-section (1) has been utilised for subscription to any equity shares referred to in clause (f) of sub-section (4) and either whole or any part of such equity shares are transferred or converted into money by the assessee at any time within a period .....

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..... - '(e) "eligible issue of capital" means an issue made by a public company formed and registered in India and the entire proceeds of the issue is utilised wholly and exclusively for the purpose of carrying on the business of - (i) setting up and running of new hotels approved by the prescribed authority; or (ii) providing such new facility for the growth of tourism in India, as the Centr .....

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