Tax Free Municipal Bonds: exemption granted, subject to mandatory registration of the holder and their holding with issuer. Section 10(15)(vii) treatment is applied to Tax Free Municipal Bonds issued by the Corporation of Chennai; the notification specifies an aggregate issuance to be treated as tax-exempt under the Income-tax Act, 1961 and makes the tax benefit admissible only if the holder registers his or her name and the holding with the issuing Corporation.
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Provisions expressly mentioned in the judgment/order text.
Tax Free Municipal Bonds: exemption granted, subject to mandatory registration of the holder and their holding with issuer.
Section 10(15)(vii) treatment is applied to Tax Free Municipal Bonds issued by the Corporation of Chennai; the notification specifies an aggregate issuance to be treated as tax-exempt under the Income-tax Act, 1961 and makes the tax benefit admissible only if the holder registers his or her name and the holding with the issuing Corporation.
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