Exemption from capital gains : Long-term capital assets for reinvestment specified u/s 54EA - 11277 - Income Tax

Exemption from capital gains : Long-term capital assets for reinvestment specified u/s 54EA NOTIFICATION NO. 11277 DATED 22-3-2000 In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961, and in partial modification of Notification No. 11151, dated 30th November, 1999 [published at (1999) 157 CTR (St) 131], the Central Board of Direct Taxes hereby specifies the following equity and preference shares and debentures as long-term specified securities for the purposes of the said section, namely : ( a ) equity shares to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 774.3 crores by M/s 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; ( b ) preference shares to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 750 crores by M/s Reliance Telecom Ltd., a public company registered under the India Companies Act, 1956 and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad and; ( c ) debentures to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 762.2 crores by M/s 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 : Provided that the investment in the aforesaid equity shares, preference shares and debentures specified in this notification is made by an assessee out of net consideration arising from transfer of long-term capital asset in accordance with the provisions of the said section : Provided further that in case the assessee transfers or converts (otherwise than by transfer) into money the aforesaid equity, preference shares and debentures specified in this notification, 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 such equity, preference shares and debentures shall be chargeable to tax under the head "Capital Gains" in accordance with the provisions of the said section. [F. No. 178/55/99-ITA-I]