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Notification: 11163
Section(s) Referred: s. 54EA(1)
Statute: INCOME TAX
Date of Issue: 9/12/1999
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 as long-term specified securities, for the purposes of said section, namely :
(a) shares to be issued by Shalivahana Power Corporation Limited, a public company registered under the Indian Companies Act, 1956 and having its registered office at Minerva House, 94, Sarojini Devi Road, Secunderabad, within one year from the date of publication of this notification, of an amount not exceeding rupees fourteen crores eighty lakhs for the purposes of the said section :
Provided that the investment in the aforesaid shares 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 specified in this notification allotted to him in any manner within a period of three years from the date of the allotment, the initial investment made by such assessee in such shares shall be chargeable to tax under the head “Capital Gains” in accordance with the provisions of the said section.
[F No. 178/24/98-ITA-I]
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