Notification No. 61/2007 – Income Tax Dated 28/2/2007

NOTIFICATION No. 61/2007, DATED 28-2-2007

In exercise of the powers conferred by section 295 read with clause ( xii) of sub­section (5) of section 11 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:–

1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2007.

(2) They shall come into force on the 1st day of March, 2007.

2. In the Income-tax Rules, 1962, in Part IV, in rule 17C, after clause (v), the following shall be inserted, namely:–

‘(vi) investment by way of acquiring equity shares of an incubatee by an incubator.

Explanation.– For the purposes of this clause,–

1. “incubatee” shall mean such incubatee as may be notified by the Government of India in the Ministry of Science and Technology;

2.  “incubator” shall  mean such Technology  Business  Incubator or Science and Technology Entrepreneurship Park as may be notified by the Government of India in the Ministry of Science and Technology.’

[F. No. FB/51/2007-TPL]