Finance Act, 1985 amends Section 80CC: Updates business purpose language and registration requirements in Income-tax Act.

Section 80CC of the Income-tax Act has been amended by the Finance Act, 1985. In sub-section (3), clause (a), the phrase "with the main object of carrying on the business of -" is replaced with "and the issue is wholly and exclusively for the purposes of carrying on the business of -". Additionally, the proviso now omits the words "formed and registered in India with the main object of". These changes refine the language regarding the business purposes and registration requirements under the section.

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