Central Board of Direct Taxes specifies fully convertible debentures and bonds to be issued by M/s Koshika Telecom Limited u/s 54EB

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..... the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), and in supersession of the Notification S.O. 7(E) dated 5th January, 1998 [published at (1998) 144 CTR (St) 47] and S.O. 972(E) dated 13th November, 1998 [published at (1998) 150 CTR (St) 8], published in the Gazette of India Extraordinary on the 5th January, 1998 and dated 13th November, 1998, respec .....

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..... capital asset : Provided further that in case the assessee converts into money or transfers aforesaid Fully Convertible Debentures or Bonds allotted to him or the shares acquired on conversion, in any manner within a period of seven years from the date of their allotment, the initial investment made by such assessee in the aforesaid Full Convertible Debentures or Bonds shall be chargeable to tax .....

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