Provisions of s. 209(3)(b) of Companies Act not to apply to Government comapnies engaged in the business of financing industrial projects and approved by the Central Government under section 36(1)(viii) of the Income-tax Act, 1961 - 0550(E) - Income Tax

Provisions of s. 209(3)(b) of Companies Act not to apply to Government comapnies engaged in the business of financing industrial projects and approved by the Central Government under section 36(1)(viii) of the Income-tax Act, 1961 Notification Number: 0550(E) Dated 16-05-1989 In exercise of the powers conferred by sub-section (1) of section 620 of the Companies Act, 1956 (1 of 1956), the Central Government hereby directs that the provisions of clause (b) of sub-section (3) of section 209 of the said Act shall not apply to a Government company engaged in the business of financing industrial projects and approved by the Central Government under section 36(1)(viii) of the Income-tax Act, 1961 (43 of 1961), to the extent it relates to income from interest on loans and advances, provided that such accured income, which is not accounted for in the books of account, is disclosed by way of note in the annual accounts, a copy of this notification having been laid in draft before both the Houses of Parliament as required by sub-section (2) of section 620 of the said Act. ( Sd. ) V.P. Gupta, Joint Secretary to the Government of India . File Number: 1/5/88 -CL. V