Exemption from capital gains : Long-term capital assets for reinvestment specified - Reliance Telecom Ltd - S.O. 468(E) - Income Tax

Exemption from capital gains : Long-term capital assets for reinvestment specified - Reliance Telecom Ltd NOTIFICATION NO. S.O. 468 ( E ) DATED 27-5-1998 In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby specifies : ( a ) equity to be issued within a period of one year from the date of publication of this notification in the Official Gazette, of an amount not exceeding Rs. 1,524.3 crores by the Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad--380 006 ; and ( b ) debentures to be issued within a period of one year from the date of publication of this notification in the Official Gazette of an amount not exceeding Rs. 762.2 crores by the Reliance Telecom Ltd., a public company registered under the Indian Companies Act, 1956, and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad--380 006 ; Provided that the investment in the aforesaid equity and debentures is made by an assessee out of his income chargeable to tax under the head "Capital gains" arising out of transfer of long-term capital asset : Provided further that in case the assessee transfers aforesaid equity and debentures allotted to him in any manner within a period of three years from the date of their allotment the initial investment made by such assessee in the aforesaid equity and debentures shall be chargeable to tax under the head "Capital gains" in accordance with the provisions of sub-section (2) of section 54EA of the Income-tax Act, 1961. (Sd.) Promila Bhardwaj, Deputy Secretary to the Government of India. [Notification No. 10627/F. No. 178/149/97-ITA-I]