Central Government specifies the debentures issued by the State Electricity Boards, the Agro Industries Corporations, Housing Boards (for rural housing), Co-operative Processing and Marketing Societies and other approved States sponsored institutions during 1-4-76 to 31-12-76 u/s 80L - S.O.2701 - Income Tax

Central Government specifies the debentures issued by the State Electricity Boards, the Agro Industries Corporations, Housing Boards (for rural housing), Co-operative Processing and Marketing Societies and other approved States sponsored institutions during 1-4-76 to 31-12-76 u/s 80L NOTIFICATION NO. S.O.2701 DATED 7-6-1979 In exercise of the powers conferred by clause ( ii ) of sub-section (1) of section 80L and clause (ii-b) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), and clause (xxiv)of sub-section (1) of section 5 of the Wealth-tax Act, 1957 (27 of 1957), the Central Government hereby specifies the debentures issued by the State Electricity Boards, the Agro Industries Corporations, Housing Boards (for rural housing), Co-operative Processing and Marketing Societies and other approved States sponsored institutions during 1-4-76 to 31-12-76, in pursuance of any scheme for raising resources in rural areas, for the prupose of thesaid clauses : Provided that such debentures satisfy the following conditions, namely :-- ( i ) they are not guaranteed by any Government as to the repayment of the principal or payment of interest ; ( ii ) they are issued only to individuals including tow or more individuals jointly ; ( iii ) they are issued subject to the condition that they cannot be transferred to any person other than those mentioned in clause ( ii ) ; ( iv ) they carry interest at a rate not exceeding 12 per cent. per annum. [No. 2853 /F. No. 178/18/78-IT(AI)]