Specifies the debentures issued by the State Electricity Boards, constituted under section 5 of the Electricity (Supply) Act, 1948 (54 of 1948), between the 1st April, 1974, and the 31st March, 1976 u/s 80L - S.O.2228-669 - Income Tax

Specifies the debentures issued by the State Electricity Boards, constituted under section 5 of the Electricity (Supply) Act, 1948 (54 of 1948), between the 1st April, 1974, and the 31st March, 1976 u/s 80L NOTIFICATION NO. S.O.2228-669 DATED 4-7-1974 In exercise of the powers conferred by clause ( ii ) of sub-section (1) of section 80L, and clause ( iib ) of the proviso to section 193, of the Income-tax Act, 1961 (43 of 1961), and clause ( xxiv ) of sub-section (1) of section 5 of the Wealth-tax Act, 1957 (27 of 1957), the Central Government hereby specifies the debentures issued by the State Electricity Boards, constituted under section 5 of the Electricity (Supply) Act, 1948 (54 of 1948), between the 1st April, 1974, and the 31st March, 1976, in pursuance of any scheme for raising resources in rural areas, for the purposes of the said clauses : Provided that such debentures satisfy the following conditions namely --- ( i ) they are not guaranteed by any Government as to the repayment of the principal or payment of interest ; ( ii ) they are issued initially only to individuals ; ( iii ) they are issued subject to the condition that for a period of one year from the date of issue, they cannot be transferred to any person other than an individual ; and ( iv ) they carry interest at a rate not exceeding 8-1/2 per cent. per annum