India - Income Tax Act 2010 - Saarc

S. 10(23G) I.T. ACT, 1961 1.9229[***](i) business of—(A) nanotechnology;(B) information technology relating to hardware andsoftware development;(C) seed research and development;(D) bio-technology;(E) research and development of new chemical entitiesin the pharmaceutical sector;(F) production of bio-fuels;(G) building and operating composite hotel-cum-conventioncentre with seating capacity of more thanthree thousand; or(H) developing or operating and maintaining or developing,operating and maintaining any infrastructurefacility as defined in the Explanation to clause(i) of sub-section (4) of section 80-IA; or(ii) dairy or poultry industry;](23G) 30 [Omitted by the Finance Act, 2006, w.e.f. 1-4-2007; ]29. Omitted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. Prior to its omission, Explanation2, as inserted by the Finance Act, 2001, w.e.f. 1-4-2001, read as under :“Explanation 2.—For the removal of doubts it is hereby declared that the income of aventure capital company or venture capital fund shall continue to be exempt if the sharesof the venture capital undertaking, in which the venture capital company or venturecapital fund has made the initial investment, are subsequently listed in a recognised stockexchange in India;”30. Prior to its omission, clause (23G), as inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997 and later on amended by the Finance Act, 1997, w.e.f. 1-4-1998, substituted by theFinance (No. 2) Act, 1998, w.e.f. 1-4-1999 and further amended by the Income-tax (SecondAmendment) Act, 1998, w.e.f. 1-4-1999, Finance Act, 1999, w.e.f. 1-4-2000, Finance Act,2000, w.e.f. 1-4-2000/1-4-2001, Finance Act, 2001, w.e.f. 1-4-2002, Finance Act, 2002, w.e.f.1-4-2003, Finance Act, 2003, w.e.f. 1-4-2004/w.r.e.f. 1-4-2002, Finance (No. 2) Act, 2004,w.e.f. 1-4-2005 and Special Economic Zones Act, 2005, w.e.f. 10-2-2006, read as under :‘(23G) any income by way of dividends, other than dividends referred to in section115-O, interest or long-term capital gains of an infrastructure capital fund or aninfrastructure capital company or a co-operative bank from investments made onor after the 1st day of June, 1998 by way of shares or long-term finance in anyenterprise or undertaking wholly engaged in the business referred to in subsection(4) of section 80-IA or sub-section (3) of section 80-IAB or a housing projectreferred to in sub-section (10) of section 80-IB or a hotel project or a hospitalproject and which has been approved by the Central Government on an applicationmade by it in accordance with the rules made in this behalf and which satisfiesthe prescribed conditions :Provided that the income, by way of dividends, other than dividends referred toin section 115-O, interest or long-term capital gains of an infrastructure capitalcompany, shall be taken into account in computing the book profit and incometaxpayable under section 115JB.(Contd. on p. 1.93)