Notification No. 11277

Following equity and preference shares and debentures as long-term specified securities specified under section 54EA

What this is

Notification No. 11277 was published on 22 March 2000. Its subject is Following equity and preference shares and debentures as long-term specified securities 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, and in partial modification of Notification No. 11151, dated 30th November, 1999 [published at (1999) 157 CTR (St) 131], the Central Board of Direct Taxes hereby specifies the following equity and preference shares and debentures as long-term specified securities for the purposes of the said section, namely :

(a) equity shares to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 774.3 crores by M/s Reliance Telecom Ltd. a public company registered under the Indian Companies Act, 1956 and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad-380 006;

(b) preference shares to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 750 crores by M/s Reliance Telecom Ltd., a public company registered under the India Companies Act, 1956 and having its registered office at Avdesh House, 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad and;

(c) debentures to be issued within a period of one year from the date of publication of the Notification No. 11151, dated 30th November, 1999 in the Official Gazette, of an amount not exceeding rupees 762.2 crores by M/s Reliance Telecom Ltd. a public company registered under the Indian Companies Act, 1956 and having its registered office at Avdesh House 3rd Floor, Pritam Nagar, 1st Slope, Ellis Bridge, Ahmedabad :

Provided that the investment in the aforesaid equity shares, preference shares and debentures specified in this notification is made by an assessee out of net consideration arising from transfer of long-term capital asset in accordance with the provisions of the said section :

Provided further that in case the assessee transfers or converts (otherwise than by transfer) into money the aforesaid equity, preference shares and debentures 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 such equity, preference shares and debentures shall be chargeable to tax under the head "Capital Gains" in accordance with the provisions of the said section.

[F. No. 178/55/99-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. 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

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.