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of <h1>CBDT Recognizes Koshika Telecom's Debentures and Bonds Under Section 54EA; Tax Implications for Early Conversion or Transfer</h1> The Central Board of Direct Taxes has specified that fully convertible debentures and bonds issued by Koshika Telecom Ltd. are recognized under section 54EA of the Income-tax Act, 1961. This notification, dated November 13, 1998, supersedes a previous notification from January 5, 1998. Koshika Telecom Ltd., a public company, is authorized to issue debentures and bonds up to INR 102 crores and INR 120 crores, respectively, within one year from the notification date. Investments must be made from the net consideration of long-term capital asset transfers. Any conversion or transfer within three years will result in the investment being taxed as capital gains.
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