Notification: S. O. 1125
Section(s) Referred: s. 36(1)(viii) ,s. 139(1)
Statute: INCOME TAX
Date of Issue: 16/4/1999
It is notified for general information that Cent Bank Home Finance Ltd., Bhopal, 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 1998-99 and 1999-2000.
2. The approval is subject to the condition that:
(i) the company has been 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 30(1)(viii) of the Income-tax Act, 1961, are fulfilled.
[Notification No. 10876/F. No. 204/19/98-ITA-II]