Central Board of Direct Taxes specifies the various shares and equity shares as long-term specified securities u/s 54EA - S. O. 259(E) - Income Tax

Central Board of Direct Taxes specifies the various shares and equity shares as long-term specified securities u/s 54EA NOTIFICATION NO. S. O. 259(E) DATED 22-3-2000 In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and equity shares as long-term specified securities, for the purposes of the said section namely :-- ( a ) equity shares to be issued by Adani Infrastructure Services Ltd., a public company registered under the Indian Companies Act, 1956, and having its registered office at Adani House, Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad, within three years for the date of publication of this notification, of an amount not exceeding ₹ 120 (one hundred twenty) crores which are not transferable before three years after allotment: Provided that the investment in the aforesaid shares 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 provision of the said section : Provided further that in case the assessees transfers or converts (otherwise than by transfer) into money the aforesaid 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 shares and debentures shall be chargeable to tax under the head Capital gains in accordance with the provisions of the said section. [Notification No. 11275/F. No. 178/5/2000/ITA-I]