Section(s) Referred: 80L ,80L(1) ,80L(1)(ii)
Statute: INCOME TAX
Date of Issue: 31/8/1989
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 “7-year 13% (taxable) Secured Redeemable Non-convertible IPCL Bonds”, issued by the Indian Petrochemical Corporation Limited, for the purpose of the said clause :
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 Corporation by registered post within a period of sixty days of such transfer.
(Sd.) Nutan Sharma, Under Secretary to the Government of India.
[No. 8439/F. No. 328/21/89-WT