Central Board of Direct Taxes specifies the fully convertible debentures and bonds to be issued Koshika Telecom Limited u/s 54EB - S. O. 674(E) - Income Tax

Central Board of Direct Taxes specifies the fully convertible debentures and bonds to be issued Koshika Telecom Limited u/s 54EB NOTIFICATION NO. S. O. 674 ( E ) DATED 20-8-1999 In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), and in supersession of the Notification S.O. 7(E), dated 5th January, 1998, and S. O. 972(E), dated 13th November, 1998, published in the Gazette of India, Extraordinary, on 5th January, 1998, and dated 13th November, 1998, respectively, the Central Board of Direct Taxes hereby specifies the fully convertible debentures and bonds to be issued within a period of one year from the date of publication of the said notification dated 13th November, 1998, for an amount not exceeding rupees twenty crores and rupees two hundred and fifty crores respectively by Koshika Telecom Limited, a public limited company registered under the Companies Act, 1956, and having its registered office at Usha House, B-II/100, Mohan Co-operative Industrial Estate, Delhi-Mathura Road, Badarpur, New Delhi-110 044, for the purposes of the said section : Provided that the investment in the aforesaid fully convertible debentures or bonds is made by an assessee out of his income chargeable under the head "Capital gains" arising out from transfer of long-term capital asset : Provided further that in case the assessee converts into money or transfers aforesaid fully convertible debentures or bonds allotted to him or the shares acquired on conversion, in any manner within a period of seven years from the date of their allotment, the initial investment made by such assessee in the aforesaid fully convertible debentures or bonds shall be chargeable to tax under the head "Capital gain" in accordance with the provisions of sub-section (2) of section 54EB of the Income-tax Act, 1961. [Notification No. 11041/F. No. 178/40/99-ITA-I]