Approval as long-term finance corporation permits specified income-tax treatment for past assessment years, subject to statutory compliance. M/s Tourism Finance Corporation of India Limited is approved as a corporation engaged in providing long-term finance for industrial development for purposes of the income-tax provision that grants specific tax treatment, with the approval applicable to specified assessment years and subject to the condition that the company conforms to and complies with the statutory provisions governing that tax treatment.
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Provisions expressly mentioned in the judgment/order text.
Approval as long-term finance corporation permits specified income-tax treatment for past assessment years, subject to statutory compliance.
M/s Tourism Finance Corporation of India Limited is approved as a corporation engaged in providing long-term finance for industrial development for purposes of the income-tax provision that grants specific tax treatment, with the approval applicable to specified assessment years and subject to the condition that the company conforms to and complies with the statutory provisions governing that tax treatment.
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