Amendment of section 35
Section 23 of the Finance Act, 2001 deals with amendment of section 35. 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 s
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).’.
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Section 23, The Finance Act, 2001.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 23
What does Section 23 of the Finance Act deal with?
Section 23 of the Finance Act is headed "Amendment of section 35". 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 s
How do I find court cases under Section 23 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2001 23, section 23 Finance Act 2001, section 23 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 23 of the Finance Act, and has it changed?
Its own text turns on section 35 (Amendment of section 72A), Income-tax Act 35 (Expenditure on scientific research), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2001. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5812 words
- 49. Substitution of new sections for section 922093 words
- 2. Income-tax1972 words
- 5. Amendment of section 101262 words
- 44. Amendment of section 80-IA857 words
- 52. Substitution of new section for section 115AC851 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.