Notification: S.O.144
Section(s) Referred: 230A ,230A(3)
Statute: INCOME TAX
Date of Issue: 9/7/1974
In exercise of the powers conferred by sub-section (3) of section 230A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies that the provisions sub-section (1) of the said section shall not apply to–
(a) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, (10 of 1949) ;
(b) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) ;
(c) a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) ; and
(d) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970)
