Notification: S. O. 545(E)
Section(s) Referred: s. 54EB(1)
Statute: INCOME TAX
Date of Issue: 6/7/1999
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—
(a) the Fully Convertible Debentures (FCDs) for an aggregate amount not exceeding twenty-five crores rupees only ;
(b) the Deep Discount Bonds (DDBs) for an aggregate amount of ten crores rupees only, to be issued within a period of one year from the date of publication of this notification in the Official Gazette of India, by the Noida Toll Bridge Company Limited, a public limited company registered under the Companies Act, 1956, and having its registered office at Philibhit House, 6, Shahnajaf Road, Lucknow-226 001, for the purposes of the said section : Provided that the investment in the fully convertible debentures or bonds 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 provision of the said section :
Provided further that in case the assessee transfers or converts (otherwise than by transfer) into money the fully convertible 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 such fully convertible debentures or bonds shall be chargeable to tax under the head “Capital gain” in accordance with the provisions of the said section.
[Notification No. 10991/F. No. 178/87/98-ITA-I]
