{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"23","heading":"Amendment of section 35","text":"Amendment of section 35. 23. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2002,— (a) in sub-section (2AA),— (i) for the words \"University or an Indian Institute of Technology\", the words \"University or an Indian Institute of Technology or a specified person\" shall be substituted; (ii) in the Explanation,  after clause (c), the following clause shall be inserted, namely:— ‘(d) \"specified person\" means such person as is approved by the prescribed authority.’; (b) in sub-section (2AB),— (i) in clause (1), for the words \"engaged in the business of\", the words \"engaged in the business of bio-technology or in the business of\" shall be substituted; (ii) after clause (1), the following Explanation shall be inserted, namely:— ‘Explanation. —For the purposes of this clause, \"expenditure on scientific research\", in relation to drugs and pharmaceuticals, shall include expenditure incurred on clinical drug trial, ob­taining approval from any regulatory authority under any Central, State or Provincial Act and filing an application for a patent under the Patents Act, 1970 (39 of 1970).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 35.</b></p><p><b>23.</b> In section 35 of the Income-tax Act, with effect from the 1st day of April, 2002,—</p><p>(<i>a</i>) in sub-section (2AA),—</p><p>(<i>i</i>) for the words \"University or an Indian Institute of Technology\", the words \"University or an Indian Institute of Technology or a specified person\" shall be substituted;</p><p>(<i>ii</i>) in the <i>Explanation, </i> after clause (<i>c</i>), the following clause shall be inserted, namely:—</p><p>‘(<i>d</i>) \"specified person\" means such person as is approved by the prescribed authority.’;</p><p>(<i>b</i>) in sub-section (2AB),—</p><p>(<i>i</i>) in clause (<i>1</i>), for the words \"engaged in the business of\", the words \"engaged in the business of bio-technology or in the business of\" shall be substituted;</p><p>(<i>ii</i>) after clause (<i>1</i>), the following <i>Explanation</i> shall be inserted, namely:—</p><p>‘<i>Explanation.</i> —For the purposes of this clause, \"expenditure on scientific research\", in relation to drugs and pharmaceuticals, shall include expenditure incurred on clinical drug trial, ob­taining approval from any regulatory authority under any Central, State or Provincial Act and filing an application for a patent under the Patents Act, 1970 (39 of 1970).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":181,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/23/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}