Section(s) Referred: s. 54EB(1) ,s. 54EB(2)
Statute: INCOME TAX
Date of Issue: 7/10/1999
In exercise of the powers conferred by sub-section (1) of section 54EB of the IT Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies equity shares to be issued within a period of one year from date of publication of this notification in the Official Gazette, of an amount not exceeding one hundred fifty crores only by the Tata Teleservices Limited, a public company registered under the Companies Act, 1956 (1 of 1956) and having its registered office at Jeevan Bharati, Connaught Circus, New Delhi-110001
Provided that the investment in the said shares is made by an assessee out of his income chargeable to tax under the head “Capital Gain” arising out of transfer of long-term capital asset :
Provided further that in case the assessee transfers aforesaid shares allotted to him 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 shares shall be chargeable to tax under the head “Capital Gain” in accordance with the provisions of sub-section (2) of section 54EB of the Income-tax Act, 1961.
[F. No. 178/66/99-ITA-I]