India - Income Tax Act 2010 - Saarc

S. 12 I.T. ACT, 1961 1.132(x) investment in immovable property.Explanation.—“Immovable property” does not include any machineryor plant (other than machinery or plant installed in a building forthe convenient occupation of the building) even though attached to,or permanently fastened to, anything attached to the earth;]91[(xi) deposits with the Industrial Development Bank of India establishedunder the Industrial Development Bank of India Act, 1964 (18 of 1964);]92[(xii) any other form or mode of investment or deposit as may beprescribed. 93 ]94[Income of trusts or institutions from contributions.9512. 96 [(1)] 97 Any voluntary contributions received by a trust created wholly forcharitable or religious purposes or by an institution established wholly forsuch purposes (not being contributions made with a specific direction that theyshall form part of the corpus of the trust or institution) shall for the purposes ofsection 11 be deemed to be income derived from property held under trustwholly for charitable or religious purposes and the provisions of that section andsection 13 shall apply accordingly.]98[(2) The value of any services, being medical or educational services, madeavailable by any charitable or religious trust running a hospital or medical91. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985.92. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.93. Rule 17C specifies the following other modes: (1) Investments in units issued under anyscheme of mutual fund referred to in section 10(23D); (2) Any transfer of deposits to PublicAccount of India; (3) Deposits made with an authority constituted in India by or under anylaw enacted either for the purpose of dealing with and satisfying the need for housingaccommodation or for the purpose of planning, development or improvement of cities,towns and villages, or for both; (4) Investment by way of acquiring equity shares of a‘depository’; (5) Investment made, on or after 26-11-1999, by a recognised stock exchangereferred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956(hereafter referred to as investor) in the equity share capital of a company (hereafterreferred to as investee)—(a) which is engaged in dealing with securities or mainlyassociated with the securities market; (b) whose main object is to acquire the membershipof another recognised stock exchange for the sole purpose of facilitating the members ofthe investor to trade on the said stock exchange through the investee in accordance withthe directions or guidelines issued under the Securities and Exchange Board of India Act,1992 by the Securities and Exchange Board of India established under section 3 of thatAct; and (c) in which at least fifty-one per cent of equity shares are held by the investor andthe balance equity shares are held by members of such investor; (6) Investment made onor after 1-3-2007 by way of acquiring equity shares of an incubatee by an incubator. [Theterm ‘incubatee’ shall mean such incubatee as may be notified by the Government of Indiain the Ministry of Science and Technology. The term ‘incubator’ shall mean suchTechnology Business Incubator or Science and Technology Entrepreneurship Park asmay be notified by the Government of India in the Ministry of Science and Technology]and (7) Investment by way of acquiring shares of National Skill Development Corporation.94. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier,section 12 was omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect fromthe same date. Original section 12 was substituted by the Finance Act, 1972, w.e.f. 1-4-1973.95. See also Circular No. 584, dated 13-11-1990. For details, see Taxmann’s Master Guide toIncome-tax Act.96. Section 12 renumbered as section 12(1) by the Finance Act, 2000, w.e.f. 1-4-2001.97. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.98. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.