Capital Investment Bonds reporting requirement: tax authorities to investigate notified high-value subscriptions and incorporate RBI information. A government-issued 7% Capital Investment Bonds may be held by individuals, on behalf of minors, or jointly, with no maximum investment limit. The Reserve Bank of India is instructed to notify income-tax authorities of high-value individual subscriptions so that field officers investigate notified investments and take appropriate action; information from the Reserve Bank or other sources must be used in scrutiny and the directions circulated to all officers.
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.
Capital Investment Bonds reporting requirement: tax authorities to investigate notified high-value subscriptions and incorporate RBI information.
A government-issued 7% Capital Investment Bonds may be held by individuals, on behalf of minors, or jointly, with no maximum investment limit. The Reserve Bank of India is instructed to notify income-tax authorities of high-value individual subscriptions so that field officers investigate notified investments and take appropriate action; information from the Reserve Bank or other sources must be used in scrutiny and the directions circulated to all officers.
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