Amendment of section 80HHD

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...., the words "within such further period as the competent authority may allow in this behalf" shall be substituted; (ii) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely :- 'Explanation 2. - For the purposes of this sub-section, the expression "competent authority" means the Reserve Bank of....

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....all be inserted with effect from the 1st day of April, 2000, namely :- "(5A) Where any amount credited to the reserve account under clause (b) of sub-section (1) has been utilised for subscription to any equity shares referred to in clause (f) of sub-section (4) and either whole or any part of such equity shares are transferred or converted into money by the assessee at any time within a period ....