Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 12/4/1999
It is notified for general information that persons listed at para 3 below 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 mentioned against them.
2. The approval is subject to the condition that :
(i) the company has main object to carrying on the business of providing long-term finance for construction or purchase of house for residential purposes ;
(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) 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.
3. The persons approved are :—
(a) Tamilnadu Urban Finance & Infrastructure, Chennai (Asst. yrs. 1997-98, 1999-99 and 1999-2000) (F. No. 204/25/94/ITA.II)
(b) Corpbank Homes Ltd., Bangalore, (Asst. yrs. 1999-1999 and 1999-2000) (F. No. 204/23/98/ITA.II)
(c) GIC Housing Finance Ltd., Mumbai (Asst. yrs. 1999-2000 and 2000-2001) (F. No. 204/19.98/ITA.II)
(d) Weizmann Homes Ltd., Bangalore (Asst. yr. 1999-2000) (F. No. 204/1/99/ITA.II)