Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 18/8/1999
It is notified for general information that M/s Manipal Housing Finance Syndicate Limited, Manipal House, Manipal-576 119 (D.K) Karnataka, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment year 1999-2000.
2. The approval is subject to the conditions 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 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.
[F No. 204/23/97-ITA-II]