any income by way of dividends, 48a[other than dividends re­ferred to in section 115-O,] interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company 49[or a co-operative bank] from investments made on or after the 1st day of June, 1998 by way of shares or long-term finance in 50[any enterprise or undertaking wholly engaged in the business referred to in sub-section (4) of section 80-IA or a housing project referred to in sub-section (10) of section 80-IB] and which has been approved51 by the Central Government on an application made by it in accord­ance with the rules52 made in this behalf and which satisfies the prescribed conditions.

53[Explanation 1.]—For the purposes of this clause,—

(a) “infrastructure capital company” means such company as has made investments by way of acquiring shares or providing long term finance to an enterprise wholly engaged 54[in the business of—

(i) developing; or

(ii) maintaining and operating; or

(iii) developing, maintaining and operating,

any infrastructure facility;]

(b) “infrastructure capital fund” means such fund operating under a trust deed registered under the provisions of the Regis­tration Act, 1908 (16 of 1908) established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise wholly engaged 54[in the business of—

(i) developing; or

(ii) maintaining and operating; or

(iii) developing, maintaining and operating,

any infrastructure facility;]

(c) 55[***]

(d) “long-term finance” shall have the meaning assigned to it in clause (viii) of sub-section (1) of section 36;

56[(e) “co-operative bank”57 shall have the meaning assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961);

(f) “interest” includes any fee or commission received by a financial institution for giving any guarantee to, or enhancing credit in respect of, an enterprise which has been ap­proved by the Central Government for the purposes of this clause;]

58[Explanation 2.—For the removal of doubts, it is hereby declared that any income by way of dividends, interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company from investments made before the 1st day of June, 1998 by way of shares or long-term finance in any enterprise carrying on the business of developing, maintaining and operating any infrastructure facility shall not be included and the provisions of this clause as it stood immediately before its amendment by the Finance (No. 2) Act, 1998 (21 of 1998) shall apply to such income;]