Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 6/4/1999
It is notified for general information that SREI Home Finance Ltd., “Vishwakarma”, 86C, Topsia Road (South), Calcutta-700046, 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 1999-99, 1999-2000 and 2000-2001.
2. The approval is subject to the condition that:
(i) the company has the main object to carrying 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.
[Notification No. 10862/F. No. 204/23/95-ITA-II]