Zero coupon bond designation clarifies tax treatment for REC Ltd bond, specifying term, issue deadline and redemption conditions. Designation of the Ten Year Zero Coupon Bond of REC Ltd as a zero coupon bond under clause (48) of section 2 of the Income-tax Act specifies the bond's name, a contractual life of ten years and one month, an issuance cutoff date, the per-bond redemption proceeds, the total discount attributable to the issue, and the total number of bonds to be issued, thereby establishing the administrative particulars relevant for tax treatment.
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Provisions expressly mentioned in the judgment/order text.
Zero coupon bond designation clarifies tax treatment for REC Ltd bond, specifying term, issue deadline and redemption conditions.
Designation of the Ten Year Zero Coupon Bond of REC Ltd as a zero coupon bond under clause (48) of section 2 of the Income-tax Act specifies the bond's name, a contractual life of ten years and one month, an issuance cutoff date, the per-bond redemption proceeds, the total discount attributable to the issue, and the total number of bonds to be issued, thereby establishing the administrative particulars relevant for tax treatment.
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