S.O. 971(E) — Fully convertible debentures and bonds to be issued within a period of one year from the d

What this is

S.O. 971(E) was published on 13 November 1998. Its subject is Fully convertible debentures and bonds to be issued within a period of one year from the date of publication of the said notificat specified under section 54EA.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.54EA	no counterpart recorded

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), and in supersession of the Notification S.O. 6(E), dated 5th January, 1998, published in the Gazette of India (Extraordinary) on the 5th January, 1998, the Central Board of Direct Taxes hereby specifies fully convertible debentures and bonds to be issued within a period of one year from the date of publication of the said notification for amount not exceeding rupees one hundred two crores and one hundred twenty crores respectively by Koshika Telecom Ltd., a public company registered under the Companies Act, 1956, and having its registered office at Usha House, B-II/100, Mohan, Co-op. Indl. Estate, Delhi-Mathura Road, Badarpur, New Delhi-110044, for the purposes of the said section :

Provided that the investment in the aforesaid fully convertible debentures or bonds is made by an assessee out of net consideration arising out from transfer of Long-term capital asset, in accordance with the provision of section 54EA of the Income-tax Act, 1961 :

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 three years from the date of their allotment, the initial investment made by such assessee in the aforesaid fully convertible debentures or bonds shall be chargeable to tax under the head "Capital gain" in accordance with the provisions of sub-section (2) of section 54EA of the Income-tax Act, 1961.

[Notification No. 10744/F. No. 178/28/97-ITA-I]

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 11314 — Following equity shares as long-term specified securities specified under section 54EA 31 March 2000
S.O. 313(E) — Following equity and preference shares and bond and debentures long-term specified securities specified under section 54 30 March 2000
Notification No. 11312 — Following equity and preference shares and bond and debentures long-term specified securities specified under section 54 30 March 2000
Notification No. 11310 — Following equity shares as long-term specified securities specified under section 54EA 30 March 2000
S.O. 279(E) — Following bonds as long-term specified securities specified under section 54EA 28 March 2000
Notification No. 11289 — Following equity shares as long-term specified securities specified under section 54EA 28 March 2000

← S.O. 972(E) · S.O. 950(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.