Tax exemption for specified bonds confirmed; transfer benefit requires transferee to notify issuer by registered post within sixty days. Notification designates two categories of secured redeemable non-convertible bonds-one tax-exempt long-term series and one taxable shorter-term series-as specified instruments under the relevant clause of the Income-tax Act. It stipulates that the benefit on transfer by endorsement or delivery is admissible only if the transferee notifies the issuing corporation by registered post within sixty days of the transfer.
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.
Tax exemption for specified bonds confirmed; transfer benefit requires transferee to notify issuer by registered post within sixty days.
Notification designates two categories of secured redeemable non-convertible bonds-one tax-exempt long-term series and one taxable shorter-term series-as specified instruments under the relevant clause of the Income-tax Act. It stipulates that the benefit on transfer by endorsement or delivery is admissible only if the transferee notifies the issuing corporation by registered post within sixty days of the transfer.
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