Section(s) Referred: 80L ,80L(1) ,80L(1)(ii)
Statute: INCOME TAX
Date of Issue: 21/9/1992
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), and in supersession of the Notification No S. O. 11(E), dated 6th January, 1992, the Central Government hereby specifies the 7-year 17.5 per cent. (taxable) Secured Redeemable Non-convertible (Series MB-I) Bonds, issued by the Tourism Finance Corporation of India Limited, for the purpose of the said clause :
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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.
This notification will take effect from the 1st day of April, 1993, and will apply to the assessment year 1993-94 and subsequent assessment years.
(Sd.) S. K. Gupta, Under Secretary to the Government of India. [No. 9098/F. No. 328A/5/91-WT