Notification No. 11041

Fully convertible debentures and bonds to be issued within a period of one year from date of publication of the said notification specified under section 54EB

What this is

Notification No. 11041 was published on 20 August 1999. Its subject is Fully convertible debentures and bonds to be issued within a period of one year from date of publication of the said notification specified under section 54EB.

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.54EB	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 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, respectively, the Central Board of Direct Taxes hereby specifies fully convertible debentures and bonds to be issued within a period of one year from date of publication of the said notification dated the 13th November, 1998 for amount not exceeding rupees twenty crores and rupees two hundred-fifty crores respectively by M/s Koshika Telecom Limited, a public limited company registered under the Companies Act, 1956 and having its registered office at Usha House, B-II/100, Mohan Cooperative Industrial 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 his income chargeable under the head "Capital Gain" arising out from transfer of long term 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 under the head "Capital Gain" in accordance with the provision of sub-section (2) of section 54EB of the Income-tax Act, 1961.

[F. No. 178/40/99-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. 11315 — Following equity shares as long-term specified securities specified under section 54EB 31 March 2000
S.O. 314(E) — A notification under section 54EB of the Income-tax Act, 1961 30 March 2000
Notification No. 11313 — Following equity and preference shares and bonds and debentures long-term specified securities specified under section 5 30 March 2000
Notification No. 11311 — Following equity shares as long-term specified securities specified under section 54EB 30 March 2000
S.O. 280(E) — Following bonds as long-term specified securities specified under section 54EB 28 March 2000
Notification No. 11290 — Following debentures as long-term specified securities specified under section 54EB 28 March 2000

← Notification No. 11042 · S.O. 676(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.