Notification: S.O.2701
Section(s) Referred: 80L ,80L(1) ,80L(1)(ii)
Statute: INCOME TAX
Date of Issue: 7/6/1979
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L and clause (ii-b) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), and clause (xxiv)of sub-section (1) of section 5 of the Wealth-tax Act, 1957 (27 of 1957), the Central Government hereby specifies the debentures issued by the State Electricity Boards, the Agro Industries Corporations, Housing Boards (for rural housing), Co-operative Processing and Marketing Societies and other approved States sponsored institutions during 1-4-76 to 31-12-76, in pursuance of any scheme for raising resources in rural areas, for the prupose of thesaid clauses :
Provided that such debentures satisfy the following conditions, namely :–
(i) they are not guaranteed by any Government as to the repayment of the principal or payment of interest ;
(ii) they are issued only to individuals including tow or more individuals jointly ;
(iii) they are issued subject to the condition that they cannot be transferred to any person other than those mentioned in clause (ii) ;
(iv) they carry interest at a rate not exceeding 12 per cent. per annum.
[No. 2853 /F. No. 178/18/78-IT(AI)
