Deduction under Section 36 expanded to include scheduled banks and long-term finance for infrastructure and housing. The amendment to section 36(1) inserts 'or scheduled bank' after 'public sector company' in the Explanation to clause (iiia), omits clause (xvi), and substitutes, with effect from the stated fiscal date, the Explanation to clause (viii)(b)(i) to specify that certain listed entities providing long-term finance qualify only where that finance is for industrial or agricultural development, development of infrastructure facilities in India, or development of housing in India.
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Provisions expressly mentioned in the judgment/order text.
Deduction under Section 36 expanded to include scheduled banks and long-term finance for infrastructure and housing.
The amendment to section 36(1) inserts "or scheduled bank" after "public sector company" in the Explanation to clause (iiia), omits clause (xvi), and substitutes, with effect from the stated fiscal date, the Explanation to clause (viii)(b)(i) to specify that certain listed entities providing long-term finance qualify only where that finance is for industrial or agricultural development, development of infrastructure facilities in India, or development of housing in India.
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