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Notification: 11152
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 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and debentures as long-term specified securities, for the purposes of said section, namely :
(a) shares to be issued by Reliance Patalganga Power Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Shree Ram Mills Premises, 3rd Floor, Ganpat Rao Kadam Marg, Worli, Mumbai, within one year from the date of publication of this notification, of an amount not exceeding rupees 462.39 crores which are not transferable before three years after their allotment; and
(b) debentures to be issued by M/s Reliance Patalganga Power Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Shree Ram Mills Premises, 3rd Floor, Ganpat Rao Kadam Marg, Worli, Mumbai within one year from the date of publication of this notification of an amount not exceeding rupees 4078.91 crore which are not transferable as convertible before three years after their allotment :
Provided that the investment in the aforesaid shares 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 shares and debentures specified in this notification allotted 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 shares and debentures shall be chargeable to tax under the head “Capital Gains” in accordance with the provisions of the said section.
[F. No. 178/56/99-ITA-I]
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