Amendment of section 10

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....es" shall be substituted; (ii) in the first proviso, the words, brackets and figures "and such schemes in relation to companies referred to in sub-clause (ii) or co- operative societies referred to in sub-clause (v) are approved by the Chief Commissioner or, as the case may be, Director-General in this behalf" shall be omitted; (b) in clause (15),- (i) in sub-clause (iv),- (A) in item (g), for the words, brackets and figures "being a company approved by the Central Government for the purposes of clause (viii) of sub-section (1) of section 36", the words, brackets and figures "being a company eligible for deduction under clause (viii) of sub- section (1) of section 36" shall be substituted; (B) after Explanation 1, the following Ex....

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....emed to be the income of the previous year in which such amount is so shared and shall accordingly be chargeable to income-tax;"; (e) in clause (23FA), after the second proviso, the following proviso shall be inserted with effect from the 1st day of April, 2001, namely,- "Provided also that nothing contained in this clause shall apply in respect of any investment made after the 31st day of March, 2000."; (f) after clause (23FA), the following shall be inserted with effect from the 1st day of April, 2001, namely,- '(23FB) any income of a venture capital company or venture capital fund set up to raise funds for investment in a venture capital undertaking. Explanation.-For the purposes of this clause,- (a) "venture capital comp....