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TypeBare Act JurisdictionCentral Government

Finance Act, 1997 Section 5

AMENDMENT OF SECTION 35 -InSection 35 of the Income Tax Act-, after sub-section

~1 min read
https://sooperkanoon.com/act/455114

Bare act section · Research

About this section

Finance Act, 1997 Section 5 is part of Finance Act, 1997 - AMENDMENT OF SECTION 35 -InSection 35 of the Income Tax Act-, after sub-section. Read the section text below and explore Indian court judgments that cite it.

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Section Text

2-AA), the following sub-section shall be inserted with effect from the 1st day of April, 1998, namely :- "(2-AB) (1) Where a company engaged in the business of manufacture or production of any drugs, pharmaceuticals, electronic equipments, computers, telecommunication equipments, chemicals or any other article or thing notified by the Board incurs any expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility as approved by the prescribed authority, then, there shall be allowed a deduction of a sum equal to one and one-fourth times of the expenditure so incurred.

(2) No deduction shall be allowed in respect of the expenditure mentioned in claused) under any other provision of this Act.

(3) No company shall be entitled for deduction under clause (1) unless it enters into an agreement with the prescribed authority for cooperation in such research and development facility and for audit of the accounts maintained for that facility.

(4) The prescribed authority shall submit its report in relation to the approval of the said facility to the Director-General in such form and within such time as may be prescribed.".

Frequently asked questions

What does Finance Act, 1997 Section 5 provide?

Section Section 5 of the Finance Act, 1997 (AMENDMENT OF SECTION 35 -InSection 35 of the Income Tax Act-, after sub-section) is reproduced on this page as part of the Finance Act, 1997. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1997 Section 5?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1997 Section 5. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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