Amendment of section 36

Section 14 of the Finance Act, 2009 deals with amendment of section 36. Amendment of section 36. 14. In section 36 of the Income-tax Act, in sub-section (1),— (a ) in clause (iiia), in the Explanation, in clause (i), after the words "public sector company", at both the places where they occur, the words "or scheduled bank" shall be inserted;

Amendment of section 36.

14. In section 36 of the Income-tax Act, in sub-section (1),—

(a ) in clause (iiia), in the Explanation, in clause (i), after the words "public sector company", at both the places where they occur, the words "or scheduled bank" shall be inserted;

(b ) in clause (viii), in the Explanation, in clause (b), for sub-clause (i), the following sub-clause shall be substituted with effect from the 1st day of April, 2010, namely :—

"(i) in respect of the specified entity referred to in sub-clause (i) or sub-clause (ii) or sub-clause ( iii) or sub-clause (iv) of clause (a), the business of providing long-term finance for—

(A ) industrial or agricultural development;

(B ) development of infrastructure facility in India; or

(C ) development of housing in India;";

(c ) clause (xvi) shall be omitted.

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Section 14, The Finance Act, 2009.