Notification: 11151
Section(s) Referred: s. 54EA(1)
Statute: INCOME TAX
Date of Issue: 30/11/1999
In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 the Central Board of Direct Taxes hereby specifies the following equity and debentures as long-term specified securities for the purposes of said section, namely :
(a) equity 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 rupees 1524.3 crores by M/s Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad-380006; and
(b) debentures 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 rupees 762.2 crores by M/s Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Advesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad-380 006;
Provided that the investment in the aforesaid equity and debentures specified in this notification is made by an assessee out of net consideration arising 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 and debentures specified in this notification, 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 such equity and debentures shall be chargeable to tax under the head “Capital Gains” in accordance with the provisions of the said section.
[F. No. 178/55/99-ITA-I]
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