Section(s) Referred: s. 54EB(1)
Statute: INCOME TAX
Date of Issue: 26/11/1999
In exercise of the powers conferred by sub-section (1) of section 54EB (hereinafter referred to as the said section) of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies equity shares and debentures or bonds to be issued within a period of one year from the date of publication of this notification in the Official Gazette for an amount not exceeding rupees one hundred seventy-five crores and two hundred forty-six crores respectively by M/s Bharati Telenet Limited, a public limited company registered under the Companies Act, 1956 (1 of 1956) and having its registered office at Qutab Ambience, H-5/12, Mehrauli Road, New Delhi-110030, for the purposes of the said section :
Provided that the investment in the aforesaid equity shares and debentures or bonds, specified in this notification, is made by an assessee out of net consideration arising out 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 shares and debentures or bonds, specified in this notification, 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 equity shares and debentures or bonds shall be chargeable to tax under the head “Capital Gain” in accordance with the provisions of the said section.
[F. No. 178/86/98-ITA-I]