Eligible issue of capital limits reserve utilisation for equity subscriptions with three-year deemed income on early disposals. Amendments redefine competent authority as the Reserve Bank or authorised foreign-exchange regulator, add clause permitting subscription to equity shares in an eligible issue of capital, and insert a deeming rule treating reserve-account amounts used for such subscriptions as profits if shares are transferred or converted within three years; acquisition is the entry in the register of members, and eligible issue of capital is confined to issues funding new hotels or specified tourism facilities, with effective dates in 1999 and 2000.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Eligible issue of capital limits reserve utilisation for equity subscriptions with three-year deemed income on early disposals.
Amendments redefine competent authority as the Reserve Bank or authorised foreign-exchange regulator, add clause permitting subscription to equity shares in an eligible issue of capital, and insert a deeming rule treating reserve-account amounts used for such subscriptions as profits if shares are transferred or converted within three years; acquisition is the entry in the register of members, and eligible issue of capital is confined to issues funding new hotels or specified tourism facilities, with effective dates in 1999 and 2000.
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