Section(s) Referred: 80L ,80L(10) ,80L(10)(ii)
Statute: INCOME TAX
Date of Issue: 6/12/1991
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following bonds, issued by the Industrial Development Bank of India, established under the Industrial Development Bank of India Act, 1964 (18 of 1964), for the purpose of the said clause, namely : —
(i) 15 per cent. Non-Convertible Bonds—Cumulative Scheme (Series-I) ;
(ii) 15 per cent. Non-Convertible Bonds–Non-Cumulative Scheme (Series-I) ; and
(iii) Deep Discount Bonds (Series-I) having face value of Rs. 1,00,000 and issue price of Rs. 2,700 redeemable at face value after 25th year.
Provided that the benefit under the said clause shall be admissible in the case of transfer of such bonds, by endorsement or delivery, only if the transferee informs the said Bank by registered post within a period of sixty days of such transfer.
(Sd.) S. K. Gupta, Under Secretary to the Government of India,
[No. 8958/F. No. 328A/9/91-WT