Notification: S. O. 2400
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 Manipal Housing Finance Syndicate Ltd., Manipal House, Manipal 576119 (DK), 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 years 1999-2000.
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. 11031/F. No. 204/23/97-ITA-II]