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Notification: S. O. 258(E)
Section(s) Referred: s. 54EA(1)
Statute: INCOME TAX
Date of Issue: 22/3/2000
In exercise of the powers conferred by sub-section (1) of -section 54EA of the Income-tax Act, 1961, and in partial modification of Notification No. 11151 dated November 30, 1999, the Central Board of Direct Taxes hereby specifies the following equity and preference shares and debentures as long-term specified securities for the purposes of the said section, namely:—
(a) equity shares to be issued within a period of one year from the date of publication of the Notification No. 11151 dated November 30, 1999, in the Official Gazette of an amount not exceeding Rs. 774.3 crores by Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956, and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad380 006 ;
(b) preference shares to be issued within a period of one year from the date of publication of the Notification No. 11151 dated November 30, 1999, in the Official Gazette, of an amount not exceeding Rs. 750 crores by Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956, and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad ; and
(c) debentures to be issued within a period of one year from the date of publication of the Notification No. 11151, dated November 30, 1999, in the Official Gazette of an amount not exceeding Rs. 762.2 crores by Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956, and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad :
Provided that the investment in the aforesaid equity shares, preference shares and debentures specified in this notification is made by an assessee out of net consideration arising from transfer of long term capital asset in accordance with the provisions of the said section :
Provided further that in case the assessee transfers or converts (otherwise than by transfer) into money the aforesaid equity, preference shares and debentures specified in this notification, allotted to him in any manner within a period of three years from the date of their allotment, the initial investment made by such assessee in such equity, preference shares and debentures shall be chargeable to tax under the head “Capital gains” in accordance with the provisions of the said section.
[Notification No. 11277/F. No. 178/55/99-ITA-I]
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