Section 35D(3)(c) in The Income Tax Act, 1961

[Cites 0, Cited by 3] [Section 35D(3)] [Section 35D] [Entire Act]

Union of India - Subsection

Section 35D(3)(c) in The Income Tax Act, 1961

(c)"long-term borrowings" means-

(i)any moneys borrowed by the company from the Government or the Industrial Finance Corporation of India or the Industrial Credit and Investment Corporation of India or any other financial institution ][which is eligible for deduction under clause (viii) of sub-section (1) of section 36] [ Substituted by Act 10 of 2000, Section 17, for " which is for the time being approved by the Central Government for the purposes of clause (viii) of sub-Section 36" (w.e.f. 1.4.2000).] [or any banking institution (not being a financial institution referred to above), or [Inserted by Act 42 of 1970, Section 8 (w.e.f. 1.4.1971).]

(ii)any moneys borrowed or debt incurred by it in a foreign country in respect of the purchase outside India of capital plant and machinery, where the terms under which such moneys are borrowed or the debt is incurred provide for the repayment thereof during a period of not less than seven years.

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Union of India - Subsection

Section 35D(3)(c) in The Income Tax Act, 1961