Central Board of Direct Taxes specifies the fully convertible debentures and bonds to be issued Koshika Telecom Limited u/s 54EB

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..... TED 20-8-1999 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, and S. O. 972(E), dated 13th November, 1998, published in the Gazette of India, Extraordinary, on 5th January, 1998, and dated 13th November, 1998, respectively, the Central Board of Direct Ta .....

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..... ded 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 fully convertible debentures or bonds shall be chargeable to tax under the head "Capit .....

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