Specified debentures under wealth tax clause classify particular public sector bonds for treatment under the Wealth tax Act. The Central Government under clause (xvie) of section 5(1) of the Wealth tax Act, 1957 designates two public sector instruments as specified debentures: 7 year secured redeemable non convertible bonds (A Series) of Indian Telephone Industries Limited and 7 year secured redeemable National Thermal Power Corporation Bonds, 1986 Ist series, thereby fixing their classification for wealth tax purposes.
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.
Specified debentures under wealth tax clause classify particular public sector bonds for treatment under the Wealth tax Act.
The Central Government under clause (xvie) of section 5(1) of the Wealth tax Act, 1957 designates two public sector instruments as specified debentures: 7 year secured redeemable non convertible bonds (A Series) of Indian Telephone Industries Limited and 7 year secured redeemable National Thermal Power Corporation Bonds, 1986 Ist series, thereby fixing their classification for wealth tax purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
