Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 25/9/2000
It is notified for general information that M/s Ind Bank Housing Ltd. 480, 2nd Floor, Anna Salai, Nandanam, Chennai-600 035 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, 1998-99 and 1999-2000.
2. The approval is subject to the condition that :
(i) the company has main object to carry on the business of providing long-term finance for construction or purchase of houses for residential purposes:
(ii) the company submits every year a copy of its audited profits 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) special reserve as required is created and maintained as per the Act; and
(iv) all other conditions contained in section 36(1)(viii) of the Income-tax Act, 1961, are fulfilled.