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        Case ID :
        Income Tax

        Approval of issue of tax-free bonds of India Infrastructure Finance Company Limited

        January 23, 2009

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        No.402/92/2006-MC (01 of 2009)

         Government of India / Ministry of Finance

        Department of Revenue

        Central Board of Direct Taxes

        ***

        New Delhi dated the 20thJanuary 2009

        PRESS RELEASE

        The Central Board of Direct Taxes (CBDT), vide Notification No.09/2009, have approved the issue of tax-free bonds of India Infrastructure Finance Company Limited carrying an interest rate of up to 8 percent aggregating to an amount of Rs.10,000 crore during the financial year 2008-09.

        The income from interest on the investment in these bonds will be exempt from income tax in the hands of the investor. In order to be eligible for exemption from income tax, the bonds must be registered in the name of the holder.

        XXX

        Tax-free bond interest exemption confirmed where interest income is exempt provided the bonds are registered in the holder's name. Approval was granted for tax-exempt bonds issued by a designated infrastructure finance company with interest income being exempt from income tax; the exemption is conditional on the bonds being registered in the name of the holder, making registration the essential eligibility requirement for the tax relief.
                          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.

                                Tax-free bond interest exemption confirmed where interest income is exempt provided the bonds are registered in the holder's name.

                                Approval was granted for tax-exempt bonds issued by a designated infrastructure finance company with interest income being exempt from income tax; the exemption is conditional on the bonds being registered in the name of the holder, making registration the essential eligibility requirement for the tax relief.


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