S.372A(8) - Inapplicability

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As per S.372A(8) ,

 

Nothing contained in this section shall apply,—

             (a)   to any loan made, any guarantee given or any security provided or any investment made by—

         (i)   a banking company, or an insurance company, or a housing finance company in the ordinary course of its business, or a company established with the object of financing industrial enterprises, or of providing infrastructural facilities;

 

Query

Since Companies Act Does not Defines "Infrastructural Facilities" , whether a company providing Ancillary services to "Telecom Sector" can be Classified in it ?

Regards

Ankit Gulgulia


Replies (1)

Sec 80IA of the Income Tax act, 1961 has defined the expression infrastructure facilities, accordingly company engaged in constuction of any of infrastructure items mentiond therein would qualify for exemption. Ex: road building, bridge construction, port project , etc.. (Ref: Kapoor & Majumdar)

If you can give more specifics on nature of service may be we can draw conclusions

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