Central Board of Direct Taxes specifies equity shares and preference shares as long-term specified securities by M/s Reliance Salgaocar Power Company Limited u/s 54EA

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..... Company Limited u/s 54EA NOTIFICATION NO. 11162 DATED 9-12-1999 In exercise of the powers conferred by sub-section (1) of section 54EA (hereinafter referred to the said section) of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies equity shares and preference shares as long-term specified securities for the purposes of the said section. Equity .....

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..... nverts (otherwise than by transfer) the aforesaid equity shares and preference 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 the aforesaid equity shares and preference shares shall be chargeable to tax under the head "Capital Gains" in accordance with the provisio .....

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