Notification: 522
Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 10/1/1999
It is notified for general information that “Vysya Bank Housing Finance Ltd., Bangalore”, 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 continues to have the main object of carrying on the business of providing long-term finance for construction or purchase of houses for residential purposes during the period for which this notification is in force ;
(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 the Income-tax Act is created and maintained ; and
(iv) all other conditions contained in section 36(1)(viii) of the Income-tax Act, 1961 are fulfilled.
[Notification No. 10784/F. No. 204/29/98-ITA-II]
