Central Board of Direct Taxes specifies the various equity shares as long-term specified securities u/s 54EB - 11284 - Income Tax

Central Board of Direct Taxes specifies the various equity shares as long-term specified securities u/s 54EB NOTIFICATION NO. 11284 DATED 23-3-2000 In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby specifies the following equity shares 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 in the Official Gazette, of an amount not exceeding rupees 100 (hundred) crores by M/s Information Technology Park Ltd., a public company registered under the Indian Companies Act, 1956 and having its registered office at Whitefield Road, Bangalore-560 066 : Provided that the investment in the aforesaid equity 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 provisions of the said section : Provided further that in case the assessee transfers or converts (otherwise than by transfer) into money the aforesaid equity shares specified in this notification, allotted to him in any manner within a period of seven years from the date of their allotment, the initial investment made by such assessee in such debentures shall be chargeable to tax under the head "Capital Gains" in accordance with the provisions of the said section. [F. No. 178/29/2000-ITA-I]