Notification: 523
Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 11/2/1999
It is notified for general information that “Home Trust Housing Finance Company Ltd., Calcutta”, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1999-2000 to 2001-2002.
2. The approval is subject to the condition that :
(i) the company has the main object on carrying on the business of providing long-term finance for construction or purchase of houses for residential purposes during the whole period for which this approval is granted ;
(ii) the company submits every year a copy of its audited profit and loss account and balance-sheet along with a statement of deduction claimed under this section before its due date for filing return of income under section 139(1) of the Income-tax Act, 1961 ;
(iii) the special reserve as required under 36(1)(viii) of the Income-tax Act, 1961, is created and maintained ; and
(iv) all other conditions contained in section 36(1)(viii) of the Incometax Act, 1961 are fulfilled.
[Notification No. 10785/F. No. 204/17/98-ITA-II]
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