9911796707
TMI BlogAmendment of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the 1st day of June, 2001 from, or debts owed by it before the 1st day of June, 2001 to, sources outside India;" ; (B) in item (b), for the words "a loan agreement entered into with any such financial institution", the words, figures and letters "a loan agreement entered into before the 1st day of June, 2001 with any such financial institution" shall be substituted ; (C) in item (c), for the words "moneys borrowed or debt incurred by it", the words, figures and letters "moneys borrowed or debt incurred by it before the 1st day of June, 2001" shall be substituted ; (D) in items (d) and (e), for the words "any moneys borrowed by it from sources outside India", the words, figures and letters "any moneys borrowed by it from sources ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2004; (23BBE) any income of the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)'; (e) in clause (23C), - (a) in the third proviso,- (i) in clause (a), after the words "the objects for which it is established", the words, figures and letters "and in a case where more that twenty-five per cent of its income is accumulated on or after the 1st day of April, 2001, the period of the accumulation of the amount exceeding twenty-five percent of its income shall in no case exceed five years" s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23FB),- (a) the Explanation shall be numbered as Explanation 1 thereof, and in Explanation 1 as so numbered, in clause (b), for sub-clause (i), the following sub-clause shall be substituted, namely :- "(i) operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), or operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963) ;" ; (b) after Explanation 1 as so numbered, the following Explanation shall be inserted, namely :- "Explanation 2.-For the removal of doubts, it is hereby declared that the income of a venture capital company or venture capital fund shall continue to be exempt if the shares of the venture ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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