Central Board of Direct Taxes specifies the equity shares as long-term specified securities u/s 54EA - 11310 - Income Tax

Central Board of Direct Taxes specifies the equity shares as long-term specified securities u/s 54EA NOTIFICATION NO. 11310 DATED 30-3-2000 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 the following equity shares as long-term specified securities for the purposes of the said section, namely : ( i ) 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 90 (ninety) crores by M/s Koshika Holdings Ltd., a Public Limited Company having its registered office at Usha House, B-II-100, M.C.I.E. Sher Shah Sun Marg, Badarpur, New Delhi- 110044 : 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 three years from the date of their allotment, the initial investment made by such assessee in such equity shares shall be chargeable to tax under the head "Capital Gains" in accordance with the provisions of the said section. [F. No. 178/26/98-ITA-I]