CBDT notifies ‘Bullion Depository Receipt with underlying bullion’ for section 47(viiab)(d)

CBDT notifies ‘Bullion Depository Receipt with underlying bullion’ for section 47(viiab)(d) of Income Tax Act, 1961 vide Notification No. 89/2022- Income Tax Dated: 3rd August, 2022

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi

Notification No. 89/2022- Income Tax | Dated: 3rd August, 2022

S.O. 3652 (E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), number 16/2020, dated the 5^th March, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 986(E), dated 5^th March, 2020, namely:-

In the said notification, –

(i) in the first para, after clause (v), the following clause shall be inserted, namely: –

“(vi) Bullion Depository Receipt with underlying bullion,”

(ii) in the Explanation, after clause (b), the following clause shall be inserted, namely: –

“(c) “Bullion Depository Receipt with underlying bullion” shall have the same meaning as assigned to it in clause (iii) of Explanation by the Department of Economic Affairs, Ministry of Finance vide its notification number S.O. 2957 (E), published in Gazette of India, Extraordinary, vide number, F.No.3/7/2020-EM dated the 31^st August, 2020.”

2. This notification shall come into force with effect from the date of its publication in the Official Gazette.

[Notification No. 89/2022/F. No. 370142/26/2019-TPL-Part(1)]
UMME FARDINA ADIL, Under Secy. (TAX POLICY & LEGISLATION)

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), vide number S.O. 986(E) dated 5th March, 2020