# The Finance Act, 2001, Section 23: Amendment of section 35

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/23/

## 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.

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.