Tax proviso benefit for specified non-convertible bonds requires transferee notice by registered post within a prescribed time. Central Government specifies certain secured, redeemable non-convertible bonds issued by Neyveli Lignite Corporation Limited under the proviso to section 193 of the Income-tax Act. The proviso's benefit on transfer of those bonds by endorsement or delivery is admissible only if the transferee informs the issuing corporation by registered post within sixty days of the transfer.
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Provisions expressly mentioned in the judgment/order text.
Tax proviso benefit for specified non-convertible bonds requires transferee notice by registered post within a prescribed time.
Central Government specifies certain secured, redeemable non-convertible bonds issued by Neyveli Lignite Corporation Limited under the proviso to section 193 of the Income-tax Act. The proviso's benefit on transfer of those bonds by endorsement or delivery is admissible only if the transferee informs the issuing corporation by registered post within sixty days of the transfer.
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