February 28, 2007

Notification No. 61/2007

In exercise of the powers conferred by section 295 read with clause (xii) of sub­section (5) of section 11 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2007.

(2) They shall come into force on the 1st day of March, 2007.

2. In the Income-tax Rules, 1962, in Part IV, in rule 17C, after clause (v), the following shall be inserted, namely:-

'(vi) investment by way of acquiring equity shares of an incubatee by an incubator.

Explanation.- For the purposes of this clause,-

(a) "incubatee" shall mean such incubatee as may be notified by the Government of India in the Ministry of Science and Technology;

(b) "incubator" shall mean such Technology Business Incubator or Science and Technology Entrepreneurship Park as may be notified by the Government of India in the Ministry of Science and Technology.'

[F. No. FB/51/2007-TPL]

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