Specifies the debentures issued by the State Electricity Boards, constituted under section 5 of the Electricity (Supply) Act, 1948 (54 of 1948), between the 1st April, 1974, and the 31st March, 1976 u/s 80L - S.O.2228-669 - Income Tax Act, 1961
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Specified debentures: qualifying electricity board debentures receive tax recognition subject to transfer, guarantee and interest conditions. The Central Government designates certain debentures issued by State electricity boards in connection with rural resource raising schemes as specified debentures for income tax and wealth tax purposes, conditioned on: absence of any government guarantee for principal or interest; initial issuance only to individuals; transfer prohibition for one year except to individuals; and carrying interest not exceeding a statutory maximum.
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: qualifying electricity board debentures receive tax recognition subject to transfer, guarantee and interest conditions.
The Central Government designates certain debentures issued by State electricity boards in connection with rural resource raising schemes as specified debentures for income tax and wealth tax purposes, conditioned on: absence of any government guarantee for principal or interest; initial issuance only to individuals; transfer prohibition for one year except to individuals; and carrying interest not exceeding a statutory maximum.
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