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of <h1>New Notification Defines Long-Term Specified Assets Under Section 54EB(1); Includes Bonds and Equity Shares with 7-Year Hold.</h1> The Central Board of Direct Taxes has issued a notification specifying certain assets as long-term specified assets under section 54EB(1) of the Income-tax Act, 1961. These assets include bonds redeemable after seven years from the Madhya Pradesh Electricity Board, Jabalpur, and equity shares worth Rs. 72 crores issued by DMCC Oil Terminals (Navlakhi) Ltd., Mumbai, which must be held for at least seven years. The notification also corrects a previous reference to the company name in an earlier notification.
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