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    <description>The Central Board of Direct Taxes notifies that subsection (1) of section 230A of the Income-tax Act shall not apply to four classes of banking institutions: banking companies under the Banking Regulation Act, the State Bank constituted under its statute, subsidiary banks as defined under the State Bank subsidiary statute, and corresponding new banks constituted under the Banking Companies acquisition and transfer framework.</description>
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      <description>The Central Board of Direct Taxes notifies that subsection (1) of section 230A of the Income-tax Act shall not apply to four classes of banking institutions: banking companies under the Banking Regulation Act, the State Bank constituted under its statute, subsidiary banks as defined under the State Bank subsidiary statute, and corresponding new banks constituted under the Banking Companies acquisition and transfer framework.</description>
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