Section(s) Referred: s. 54EB(1)
Statute: INCOME TAX
Date of Issue: 9/12/1999
In exercise of the powers conferred by sub-section (1) of section 54EB (hereinafter referred to the said section) of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following equity shares as long-term specified securities for the purposes of the said section. Equity shares to be issued within a period of one year and equity shares to be issued within a period of two years from the date of publication of this notification in the Official Gazette for an amount not exceeding rupees four hundred crores and four hundred six crores respectively by M/s ASC Enterprises Limited, a public limited company registered under the Companies Act, 1956 and having its registered office at Ajanta Business Centre 8, Juhu Tara Road, Mumbai-400 049, for the purposes of the said section :
Provided that the investment in the aforesaid equity shares and investment 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) the aforesaid equity shares and investment specified in the 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 investment shall be chargeable to tax under the head “Capital Gains” in accordance with the provisions of the said section.
[F. No. 178/5/99-ITA-I]