Subordinated floating interest bonds designated under tax provision as promissory notes, qualifying for specified clause treatment. Central Government specifies fifty lakh unsecured, redeemable subordinated floating interest rate bonds issued by the State Bank of India as promissory notes for the purposes of Section 80L, each with a face value of one thousand rupees, offered as over subscription and thereby brought within the specified clause of the Income tax Act for tax treatment.
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.
Subordinated floating interest bonds designated under tax provision as promissory notes, qualifying for specified clause treatment.
Central Government specifies fifty lakh unsecured, redeemable subordinated floating interest rate bonds issued by the State Bank of India as promissory notes for the purposes of Section 80L, each with a face value of one thousand rupees, offered as over subscription and thereby brought within the specified clause of the Income tax Act for tax treatment.
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