TMI BlogInterpretations in this Code.X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment under any law for the time being in force; and (b) all profits of the company up to the date of distribution or payment of dividend or upto the date of liquidation, as the case may be, in any other case; (5) "actual cost" in relation to a business capital asset shall be the cost computed under section 44; (6) "advance tax" means the advance tax payable in accordance with the provisions of section 205; (7) "advance ruling" shall have the meaning assigned to it in section 267; (8) "agreement" includes any arrangement or understanding or action in concert, whether or not such arrangement, understanding or action, is— (a) in writing; (b) formal; or (c) intended to be enforceable by legal proceedings; (9) "agreement of association" means— (a) a partnership deed in relation to a firm; or (b) an oral, or written, agreement between the participants of any other unincorporated body; (10) "agreement for non-compete" means an agreement for— (a) not carrying out any activity in relation to any business; or (b) not sharing any— (i) know-how, pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th an amalgamated co-operative, if— (i) all the assets and liabilities of the amalgamating co-operative immediately before the merger (other than the assets transferred, by sale or distribution on winding up, to the amalgamated co-operative) become the assets and liabilities of the amalgamated co-operative; (ii) the members holding seventy-five per cent. or more voting rights in the amalgamating co-operative become members of the amalgamated co-operative; and (iii) the shareholders holding seventy-five per cent. or more in value of the shares in the amalgamating co-operative (other than the shares held by the amalgamated co-operative or its nominee or its subsidiary, immediately before the merger) become shareholders of the amalgamated cooperative; or (c) an unincorporated body or a proprietory concern means the succession of an amalgamating unincorporated body or proprietory concern with an amalgamated company if— (i) all the assets and liabilities of such body or concern relating to the business immediately before the succession become the assets and liabilities of the amalgamated company; (ii) the participants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under this Code and has consequently failed to make payment of any amount due from him to the Central Government; or (b) an assessee who is deemed to be assessee in default under any provision of this Code; (22) "Assessing Officer" means the Income Tax Officer, Assistant Commissioner, Assistant Director, Deputy Commissioner, Deputy Director, Joint Commissioner, Joint Director, Additional Commissioner or Additional Director, who is vested with the relevant jurisdiction by virtue of direction or order issued under section 130 or any other provision of this Code; (23) "assessment" includes— (a) reassessment; (b) any order giving effect to the directions of an Appellate Authority; (c) any order under section 191 or section 192; and (d) any order under section 161 rectifying any mistake apparent on the face of the record with reference to sub-clause (a) or sub-clause (b) or sub-clause (c); (24) "asset" means— (a) a business asset; or (b) an investment asset; (25) "Assistant Commissioner" means a person appointed to be an Assistant Commissioner of Income-tax under section 127; (26) "Assistant Director" mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or produce any article or thing, (iv) right to carry on any business, (v) tenancy right in respect of premises occupied by the assessee and used by him for the purposes of his business, or (vi) licence, right or permit (by whatever name called) acquired in connection with, or in the course of, any business; (c) any tangible capital asset in the nature of a building, machinery, plant or furniture; or (d) any other capital asset not being land connected with or used for the purposes of any business of the assessee; (40) "business connection" in relation to a non-resident shall include a permanent establishment; (41) "business reorganisation" means reorganisation of business of two or more residents, involving— (a) an amalgamation; (b) a merger under a scheme sanctioned and brought into force by the Central Government under the Banking Regulation Act, 1949; or 10 of 1949. (c) a demerger; (42) "business trading asset" means stock-in-trade, consumable stores or raw materials held for the purposes of business; (43) "capital asset" means property of any kind held by an assessee other than busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (54) "company" means— (a) any Indian company, (b) any body corporate incorporated by or under the laws of a country outside India, or (c) any person who is or was assessable or was assessed as a company under the Indian Income-tax Act, 1922, or the Income-tax Act, 1961; (55) "Competent Investigating Authority" means any income-tax authority not below the rank of Joint Commissioner prescribed as such; (56) "Comptroller and Auditor-General of India" means the Comptroller and Auditor General of India appointed under article 148 of the Constitution; (57) "computer software" means— (a) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (b) any customised electronic data or any product or service of similar nature, as may be notified by the Board; (58) "Controller of Insurance" shall have the same meaning assigned to it in clause (5B) of section 2 of the Insurance Act, 1938; (59) "converted property" means— (a) any property having been the separate property of an individual has been converted by the individual into property as belonging to the Hindu undivi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) of section 61; (67) "current income from the special source" means the income referred to in sub-section (2) of section 62; (68) "date of setting up of a business" means— (a) in the case of business of manufacturing, production or processing of goods, the date on which the manufacture, production or processing of the goods begins after successful trial run of the plant; or (b) in any other case, the date on which it is ready to commence its commercial operations; (69) "debt" includes a loan or borrowing; (70) "debt instrument" means a paper or electronic obligation that enables the borrower to raise funds by promising to repay the lender, or investor, in accordance with the terms of a contract and includes note, bond, certificate, mortgage, lease, loan, borrowing or other agreement between the borrower and the lender; (71) "deduction of tax at source" or "collection of tax at source" with all their grammatical variations, mean deduction or collection of tax under Chapter XIII; (72) "deductor" means a person responsible for making any payment in respect of which he is liable to deduct tax at source under Sub-chapter A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Deputy Director of Income-tax under section 127; (77) "Director" means a person appointed to be a Director of Income-tax under section 127; (78) "Director General" means a person appointed to be a Director General of Income-tax under section 127; (79) "director", "manager" and "managing agent", in relation to a company, have the meanings respectively assigned to them in the Companies Act, 1956; (80) "Dispute Resolution Panel" means a collegium comprising of three Commissioners of Income-tax constituted by the Board for this purpose; (81) "dividend" distributed or paid by a company (I) includes— (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, whether with or without interest, and any distribution to shareholders of its preference shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 2 of the Information Technology Act, 2000; (84) "domestic company" means a company resident in India; (85) "disaster" shall have the same meaning as assigned to it under clause (d) of section 2 of the Disaster Management Act, 2005; (86) "due date" means— (a) in relation to the return of tax bases— (i) the 30th June following the financial year if the person is not a company and does not derive any income from business; or (ii) the 31st August following the financial year, in all other cases; or (b) in relation to any other return, such date as may be prescribed; (c) in relation to the report required to be furnished under section 88, the 31st August following the financial year. (87) "electoral trust" means a trust so approved by the Board in accordance with the scheme made in this regard by the Central Government. (88) "employer" means a person who controls an individual under an express or implied contract of employment and is obliged to compensate him by way of salary; (89) "equity oriented" in relation to a scheme means the scheme— (a) of a Mutual Fund registered under the Securities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house, store-house, or other out-building, for agricultural purpose; or (ii) to carry out any process to render the produce raised or received by the owner fit to be taken to the market; and (c) the building is— (i) occupied by the cultivator or the receiver of rent-in-kind; or (ii) owned and occupied by the receiver of rent; (97)"fees for technical services" — (a) means any consideration (including any lump sum consideration) paid or payable, directly or indirectly, for— (i) rendering of any managerial, technical or consultancy services; (ii) provision of services of technical or other personnel; or (iii) development and transfer of a design, drawing, plan or software, or such other services; and (b) does not include consideration for any construction, assembly, mining or like project undertaken by the recipient or consideration which would be income of the recipient chargeable under the head "Income from employment"; (98) "finance charges" means— (a) any interest; or (b) any incidental financial charges; (99) "financial institution" means— (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efined in the Limited Liability Partnership Act, 2008; (104) "foreign company" means a company which is not a domestic company; (105) "foreign currency" shall have the same meaning as assigned to it in section 2 of the Foreign Exchange Management Act, 1999; (106) "forward contract" means a contract with an authorised person, as defined in section 2 of the Foreign Exchange Management Act, 1999, for providing a specified sum in a foreign currency on or after a stipulated future date at the rate of exchange specified in the contract; (107) "general public" shall have the same meaning assigned to it in clause (c) of section 103; (108) "Global Depository Receipts" means any instrument (by whatever name called) (a) created by the Overseas Depository Bank outside India against issue of foreign currency convertible bonds or ordinary shares, of a domestic company; and (b) issued to non-residents; (109) "gross total income" for a financial year means the aggregate of the gross total income from ordinary sources and the gross total income from special sources, for that financial year; (110) "gross total income from ordinary sources" of a fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al charges" means any fee, commission, brokerage, tax payable or any other similar expenditure incurred for the purposes of borrowing or incurring any debt or in respect of any credit facility which has not been utilised; (120) "income" includes,— (a) gross salary referred to in section 22; (b) gross rent referred to in section 26; (c) the amount of any accrual or receipt from the businesses referred to in column (2) of the Table in sub-section (2) of section 32; (d) gross earnings from the business referred to in section 32; (e) full value of the consideration received or accruing as a result of the transfer of any investment asset referred to in section 50; (f) gross residuary income referred to in section 58; (g) gross receipts referred to in section 93; (h) voluntary contributions received by a political party or an electoral trust; (i) any sum deducted at source on payment received, in accordance with the provisions of Chapter XIII; and (j) income of the nature referred to in column (3) of the Table in Part III of the First Schedule; (121) "income from business" means the profits of the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n accordance with the provisions of this Code; (135) "Indian rate of tax" means the rate determined by dividing the amount of Indian income-tax after deduction of any relief due under the provisions of this Code but before deduction of any relief due under section 207, by the total income; (136) "Indian ship" shall have the same meaning as assigned to it in clause (18) of section 3 of the Merchant Shipping Act, 1958; (137) "infrastructure facility" means the following facilities, namely:— (a) a road including toll road, a bridge or a rail system; (b) a highway project including housing or other activities being an integral part of the highway project; (c) a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system; and (d) a port, airport, inland waterway or inland port; (138) "Inspector of Income-tax" means a person appointed to be an Inspector of Income-tax under section 127; (139) "insurer" means an Indian insurance company under clause (7A) and any person referred to in clause (9) of section 2 of the Insurance Act, 1938, which has been granted a certi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (a) or clause (b), so much of the amounts of general or multipurpose borrowings, if any, of the asses-see as they stand in the same proportion which the value of the assets transferred in a demerger bears to the total value of the assets of such assessee immediately before the demerger; (149) "life insurer" means an insurer who is wholly engaged in the business of providing assurance on the life of human beings; (150) "light goods vehicle or other vehicle" means a vehicle which is not a heavy goods vehicle; (151) "local authority" means— (a) a Panchayat as referred to in clause (d) of article 243 of the Constitution; (b) a Municipality as referred to in clause (e) of article 243P of the Constitution; (c) a Municipal Committee and a District Board, legally entitled to, or entrusted by the Government with, the control or management of a municipal or local fund; or (d) a Cantonment Board as defined in section 3 of the Cantonments Act, 2006; (152) "long-term borrowings" means— (a) moneys borrowed from the Government, a scheduled bank or a financial institution where the terms of the borrowings provide for the repayment du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... — (a) which carries on, as its principal business, the business of acceptance of deposits from its members; and (b) which is a Nidhi or Mutual Benefit Society within the meaning of section 620A of the Companies Act, 1956; (163) "mutual fund" means a mutual fund registered as such under the Securities and Exchange Board of India Act, 1992; (164) "NABARD" means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981; (165) "National Housing Bank" means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987; (166) "net worth" in relation to,— (a) a demerged company, mean the aggregate of the paid-up share capital and general reserves as appearing in the books of account of the demerged company immediately before the demerger; and (b) an undertaking or division transferred under slump sale, means the value determined in such manner as may be prescribed; (167) "new investment asset" means the new investment asset within the meaning of section 55; (168) "New Pension System Trust" means the New ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association; and (d) a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882. (178) "paid"— (a) in relation to "Income from business" or "Income from residuary sources", means incurred or actually paid, according to the method of accounting on the basis of which the income under those heads are computed; and (b) in all other cases, mean actually paid; (179) "participant" means— (a) a partner in relation to a firm; or (b) a member in relation to an association of persons or body of individuals; (180) "partner" shall have the same meaning as assigned to it in the Indian Partnership Act, 1932 and shall include— (a) a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008; and (b) any person who, being a minor, has been admitted to the benefits of partnersh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of insurance, through whom the assessee collects premia in the territory of India or insures risks situated therein; (iii) a substantial equipment in India which is being used by, for or under any contract with the assessee; (184) "person" includes— (a) an individual, (b) a Hindu undivided family, (c) a company, (d) a co-operative society or any other society, (e) a firm, (f) a non-profit organisation, (g) an association of persons, (h) a body of individuals, (i) a local authority, (j) every artificial juridical person, not falling within any of the preceding sub-clauses; whether or not the society, firm or organisation, association, body, local authority or artificial juridical person was formed or established or incorporated with the object of deriving income; (185) "person having a substantial interest in a concern", with its grammatical variations, means— (a) a person who is the beneficial owner (including the beneficial ownership held by one or more of his relatives, in case the person is an individual) of equity shares carrying not less than twenty per cent. of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility, privilege or service, whether convertible into money or not, provided directly or indirectly to an employee by the employer, whether by way of reimbursement or otherwise, being— (i) the value of any accommodation computed in such manner as may be prescribed; (ii) any sum payable to effect an assurance on life or to effect a contract for an annuity; (iii) the value of any sweat equity share allotted or transferred, as on the date on which the option is exercised by the employee; or (iv) the value of any obligation which, but for payment by the employer, would have been payable by the employee, computed in such manner as may be prescribed; (b) the value of any amenity, facility, privilege or service, other than those referred to in sub-clause (a) computed in such manner as may be prescribed but does not include,— (i) the value of any medical treatment provided to an employee or any member of his family in a hospital maintained by the employer; (ii) any sum paid by an employer in respect of any expenditure actually incurred by an employee on medical treatment of himself or his family members in any hospital m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amation; (b) the merging company in the case of business reorganisation referred to in sub-clause (b) of clause (41); (c) the demerged company, in the case of demerger; or (d) the unincorporated body or the proprietary concern, in the case of business reorganisation referred to in sub-clause (a) of clause (41); (196) "preference shares" means preference shares within the meaning of section 85 of the Companies Act, 1956; (197) "pre-paid taxes" means tax paid by way of, — (a) tax deduction at source on payment received; (b) tax collection at source on payment made; (c) advance-tax; (d) self-assessment tax; or (e) foreign tax credit; (f) credit for tax paid on book profit; (198) "prescribed" means prescribed by rules made under this Code; (199) "primary co-operative agricultural and rural development bank" means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities; (200) "principal officer" in relation to a person, being a local authority or any other public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r cess thereon, if any, actually paid in the other country in accordance with the corresponding laws in force in the said country after deduction of all relief due, but before deduction of any relief due in the said country in respect of double taxation, divided by the whole amount of the income as assessed in the said country; (209) "rate in force" , in relation to a financial year means the rate of income-tax or wealth-tax, as the case may be, specified for the relevant purpose— (a) in this Code; or (b) in the relevant agreement entered into by the Central Government under section 291; (210) "re-assessment" means any assessment of tax bases in pursuance of a notice issued under section 159, whether or not— (a) a return of tax bases has been filed before, or after, the issue of the said notice; or (b) an assessment of the tax bases has been made before the issue of the said notice; (211) "recognised stock exchange" means a recognised stock exchange as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 and which fulfils such conditions as may be prescribed and notified by the Central Government fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e recipient chargeable under the head "Capital gains") for— (a) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, trade mark, secret formula, process, or similar property; (b) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret formula, process, trade mark, or similar property; (c) the use of any patent, invention, model, design, secret formula, process, trade mark, or similar property; (d) the imparting of any information concerning technical, industrial, commercial or scientific knowledge, experience or skill; (e) the use or right to use of any industrial, commercial or scientific equipment including ship or aircraft but excluding the amount, referred to in item numbers 17 and 18 of the Table in the Fourteenth Schedule, which is subjected to tax in accordance with the provisions of that Schedule; (f) the use or right to use of transmission by satellite, cable, optic fiber or similar technology; (g) the transfer of all or any rights (including the granting of a licence) in respect of — ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and "Scheduled Tribes" shall have the meaning respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; (227) "scientific research and development" means systemic investigation and research in a field of technology, natural or applied science (including agriculture, animal husbandary or fisheries) if— (a) it is carried out by the assessee by means of experiment or analysis; (b) it is in the nature of— (i) basic research, namely, work undertaken for the advancement of scientific knowledge without a specific practical application in view; (ii) applied research, namely, work undertaken for the advancement of scientific knowledge with a specific practical application in view; or (iii) experimental development, namely, work undertaken for the purpose of achieving technological advancement for the purpose of creating new, or improving existing materials, devices, products or processes, including incremental improvements thereto; and (c) it is not in the nature of— (i) market research or sales promotion; (ii) quality control or routine testing of materials, devices, products ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... division of a business for a lump-sum consideration without values being assigned to the individual assets and liabilities in such sale, other than the assignment of values to the assets or liabilities for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees; (235) "society" means a society registered under the Societies Registration Act, 1860 or under any law corresponding to that Act in force in any part of India; (236) "sold" includes a transfer by way of exchange or a compulsory acquisition under any law for the time being in force but does not include a transfer, in a scheme of business reorganisation, of any asset by the predecessor to the successor; (237) "special modes of acquisition" means— (a) acquisition of converted property by a Hindu Undivided Family; or (b) acquisition by any person in any of the following manner,— (i) upon distribution of any asset on the total or partial partition of a Hindu undivided family; (ii) by way of a gift; (iii) under a will; (iv) by way of succession, inheritance or devolution; (v) upon distribution of any asset on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured, or merchandise sold by him; (c) a contract in respect of stocks and shares entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; and (d) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; (245) "speed boat" means a motor boat driven by a high speed internal combustion engine capable of propelling the boat at a speed exceeding 24 kilometers per hour in still water and so designed that when running at such speed, its bow will rise; (246) "stamp duty value" means— (a) the value adopted, or assessed, by any authority of the Central Government or a State Government for the purposes of payment of stamp duty in respect of an immovable property; or (b) the value which the stamp valuation authority would have, notwithstanding anything in any other law for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case may be, in relation to income-tax; (b) net wealth in relation to wealth-tax; (c) dividend distributed in relation to dividend distribution tax or income distributed in relation to tax on distributed income; (d) branch profits in relation to branch profits tax; (e) the income or total income, net wealth, or dividend or income distributed referred to in sub-clauses (a) to (c) of any other person in respect of which the assessee is assessable under this Code; (259) "Tax Recovery Officer" means any Income-tax Officer who may be authorised by the Chief Commissioner or the Commissioner, by general or special order in writing— (a) to exercise the powers of a Tax Recovery Officer; and (b) to exercise or perform such powers and functions, which are conferred on or assigned to an Assessing Officer, as may be prescribed; (260) "test of continuity of business" stands satisfied, in case of a successor, if he— (a) holds at least three-fourths of the book value of fixed assets of the predecessor acquired through business reorganisation, continuously for a minimum period of five financial years immediately succeeding the financial ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution of the asset on account of dissolution of an unincorporated body; (h) the distribution of the asset on account of liquidation or dissolution of a company; (i) any transaction allowing the possession of an immovable property, to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882; (j) any transaction which enables the enjoyment of the asset, being any immovable property, whether by way of becoming a participant in an unincorporated body or acquiring shares in a company or by way of any agreement, arrangement or in any other manner; (k) the maturity or redemption of a zero coupon bond; (l) slump sale; (m) any damage to the insured asset or its destruction as a result of— (i) flood, typhoon, hurricane, cyclone, earthquake or any other convulsion of nature; (ii) riot or civil disturbance; (iii) accidental fire or explosion; or (iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration of war); (n) transfer of securities by a person having beneficial interest i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rbed preceeding year capital loss" means the unabsorbed current capital loss, for the financial year immediately preceeding the relevant financial year; (277 ) "unabsorbed preceeding year horse race loss" means the unabsorbed current horse race loss for the financial year immediately preceeding the relevant financial year; (278) "unabsorbed preceeding year loss from ordinary sources" means the unabsorbed current loss from ordinary sources, for the financial year immediately preceeding the relevant financial year; (279) "unabsorbed preceeding year loss from the special source" means the unabsorbed current loss from the special source, of the financial year immediately preceeding the relevant financial year; (280) "unabsorbed preceeding year speculative loss" means the unabsorbed current speculative loss for the financial year immediately preceeding the relevant financial year; (281) "undertaking" in relation to demerger includes— (a) any part of an undertaking; (b) a unit or division of an undertaking; (c) a business activity taken as a whole; or (d) individual assets or liabilities or any combination thereof which constitutes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial year, in any other case; (289) "value of sweat equity shares" shall be the value of the sweat equity shares on the date on which the option is exercised by the assessee, determined in accordance with the method as may be prescribed, as reduced by the amount actually paid by, or recovered from, the assessee in respect of such shares; (290) "venture capital company" means a company— (a) which has been granted a certificate of registration as a venture capital company under the Securities and Exchange Board of India Act, 1992; and (b) which fulfils all other conditions as may be prescribed in this behalf; (291) "venture capital fund" means a fund— (a) which has been granted a certificate of registration as a venture capital fund under the Securities and Exchange Board of India Act, 1992; and (b) which fulfils all other conditions as may be prescribed in this behalf; (292) "venture capital undertaking" means a domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of— (a) nano-technology; (b) information technology relating to hardware and softwa ..... 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