TMI BlogIncome-tax (Tenth Amendment) Rules, 2006X X X X Extracts X X X X X X X X Extracts X X X X ..... rect Taxes hereby makes the following rules further to amend the Income-tax rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2006. (2) They shall be deemed to have come into force on the 26th day of November, 1999. 2. In the Income-tax rules, 1962, in Part IV, in rule 17C, after clause ( iv ), the following clause shall be inserted and shall be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Securities and Exchange Board of India established under section 3 of that Act; and (C) in which at least fifty one per cent of equity shares are held by the investor and the balance equity shares are held by members of such investor.". Explanatory Memorandum : It is proposed to insert a new clause ( v ) in rule 17C of the Income-tax Rules, 1962 so as to include investment by a recogni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ries with investment ranging from 51% to 100% of the equity capital of the subsidiary and thus became members of National Stock Exchange or Bombay Stock Exchange or both. Hence, a situation arose whereby, in pursuance to the guidelines dated the 26th day of November, 1999 of the Securities and Exchange Board of India, regional stock exchanges had been making share investment in subsidiaries sinc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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