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[Cites 0, Cited by 0] [Section 32(e)] [Section 32] [Entire Act]

Union of India - Subsection

Section 32(e)(ii) in The Income Tax Act, 2025

(ii)when the aggregate of such amounts carried to such reserve account from time to time exceeds twice the amount of paid-up share capital and of general reserves of the specified entity, no deduction shall be allowable on such excess,and for the purposes of this clause,––
(A)"specified entity" means—
(I)a public financial institution as specified in section 2(72) of the Companies Act, 2013;
(II)a financial corporation which is a public sector company;
(III)a banking company;
(IV)a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank;
(V)a housing finance company; and
(VI)any other financial corporation including a public company;
(B)"eligible business" means,—
(I)in respect of any of the specified entities referred to in clause (e)(A)(I) to (IV), 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;
(II)in respect of the specified entity referred to in clause (e)(A)(V), the business of providing long-term finance for the construction or purchase of houses in India for residential purposes; and
(III)in respect of the specified entity referred to in clause (e)(A)(VI), the business of providing long-term finance for development of infrastructure facility in India;
(C)"infrastructure facility" means—
(I)an infrastructure facility as defined in Explanation to section 80-IA(4)(i) of the Income-tax Act, 1961 or any other public facility of a similar nature as may be notified by the Board in this behalf and which fulfils the conditions as may be prescribed;allowed as deduction in
(II)an undertaking referred to in section 80-IA(4)(ii) or (iii) or (iv) or (vi) of the Income-tax Act, 1961; and
(III)an undertaking referred to in section 80-IB(10) of the Income-tax Act, 1961;