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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Rule 17C Clause Allows Incubators to Invest in Equity Shares of Incubatees Under Section 295 of Income-tax Act</h1> The Central Board of Direct Taxes issued Notification No. 61/2007 on February 28, 2007, amending the Income-tax Rules, 1962, under the authority of section 295 of the Income-tax Act, 1961. Effective March 1, 2007, the amendment introduces a new clause in rule 17C, Part IV, permitting investments by incubators in equity shares of incubatees. An incubatee is defined as an entity notified by the Government of India in the Ministry of Science and Technology, while an incubator refers to a Technology Business Incubator or Science and Technology Entrepreneurship Park similarly notified.
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