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of <h1>CBDT Designates ASC Enterprises Shares as Long-Term Specified Securities under Section 54EB for Tax Benefits on Capital Gains.</h1> The Central Board of Direct Taxes designates certain equity shares of M/s ASC Enterprises Limited as long-term specified securities under Section 54EB of the Income-tax Act, 1961. These shares are to be issued within one to two years from the notification date for amounts not exceeding 400 crores and 406 crores, respectively. The investment must be made from net consideration from the transfer of long-term capital assets. If these shares are transferred or converted within seven years, the initial investment will be taxed as capital gains. M/s ASC Enterprises is a public limited company registered under the Companies Act, 1956.
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