Notification: 11041
Section(s) Referred: s. 54EB(1) ,s. 54EB(2)
Statute: INCOME TAX
Date of Issue: 20/8/1999
In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), and in supersession of the Notification S.O. 7(E) dated 5th January, 1998 [published at (1998) 144 CTR (St) 47] and S.O. 972(E) dated 13th November, 1998 [published at (1998) 150 CTR (St) 8], published in the Gazette of India Extraordinary on the 5th January, 1998 and dated 13th November, 1998, respectively, the Central Board of Direct Taxes hereby specifies fully convertible debentures and bonds to be issued within a period of one year from date of publication of the said notification dated the 13th November, 1998 for amount not exceeding rupees twenty crores and rupees two hundred-fifty crores respectively by M/s Koshika Telecom Limited, a public limited company registered under the Companies Act, 1956 and having its registered office at Usha House, B-II/100, Mohan Cooperative Industrial Estate, Delhi-Mathura Road, Badarpur, New Delhi-110044 for the purposes of the said section :
Provided that the investment in the aforesaid Fully Convertible Debentures or Bonds is made by an assessee out of his income chargeable under the head “Capital Gain” arising out from transfer of long term capital asset :
Provided further that in case the assessee converts into money or transfers aforesaid Fully Convertible Debentures or Bonds allotted to him or the shares acquired on conversion, in any manner within a period of seven years from the date of their allotment, the initial investment made by such assessee in the aforesaid Full Convertible Debentures or Bonds shall be chargeable to tax under the head “Capital Gain” in accordance with the provision of sub-section (2) of section 54EB of the Income-tax Act, 1961
[F. No. 178/40/99-ITA-I]

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Category : Income Tax (27605)
Type : Notifications (15848) Notifications/Circulars (31992)

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