Notification: S. O. 824(E)
Section(s) Referred: s. 54EA(1)
Statute: INCOME TAX
Date of Issue: 17/9/1998
In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specified bonds to be issued within a period of one year from the date of publication of this notification in the Official Gazette of an amount not exceeding Rs. 35 crores by M/s. Weizmann Limited, a public company registered under the Companies Act, 1956, and having its registered office at Empire House, 214, Dr. D. N. Road, Ent. A. K. Nayak Marg, Port Mumbai:
Provided that the investment in the aforesaid bonds is made by an assessee out of his income chargeable under the head “Capital gain” arising out of transfer of long-term capital asset:
Provided further that in case the assessee transfers the aforesaid bonds 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 the aforesaid bonds shall be chargeable to tax under the head “Capital gain” in accordance with the provisions of sub-section (2) of section 54EA of the Income-tax Act, 1961.
[Notification No. 10694/F. No. 178/78/97-ITA-I]