Central Board of Direct Taxes specifies the following assets, as the long term specified assets u/s 54EB - S.O. 11(E) - Income Tax

Central Board of Direct Taxes specifies the following assets, as the long term specified assets u/s 54EB NOTIFICATION NO. S.O. 11 ( E ) DATED 5-1-1998 In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following assets, as the long term specified assets, for the purpose of the said section, namely:--- ( i ) shares to be issued within a period of one year from the date of publication of this notification by the Ushdev International Ltd., Mumbai, not exceeding Rs. 5.09 crores transferable after seven years; ( ii ) debentures to be issued within a period of one year from the date of publication of this notification by the Ushdev International Ltd., Mumbai, not exceeding Rs. 30.12 crores transferable or convertible after seven years; [Notification No. 10500/F. No. 178/48/97-ITA-I]