Investment in specified long-term securities may defer capital gains but becomes taxable if converted or transferred within seven years.
The notification specifies issuer-specific equity, preference shares, bonds and debentures as eligible long-term securities for investment of net consideration from a long-term capital asset transfer under section 54EB, subject to time-bound allotment limits, and provides that if such securities are transferred or converted into money within seven years of allotment the initial investment shall be chargeable to tax as a capital gain.

Reinvestment of long-term capital gains: specified securities permitted under section 54EA, subject to a three-year retention rule.
Specification of certain equity and preference shares and bonds and debentures as specified securities under section 54EA for reinvestment of net consideration from transfer of long-term capital assets, subject to a one-year issuance window and the requirement that investments be made from net consideration; if the allotted securities are transferred or converted into money within three years of allotment, the initial investment becomes chargeable to tax under the head Capital Gains in accordance with the section.

Long-term specified securities specified under section 54EB for reinvestment with issuance and recapture conditions applying.
The notification specifies equity shares of M/s Koshika Holdings Ltd. as long-term specified securities under section 54EB, permitting issuance within one year up to rupees 10 crores, provided the investment is made by an assessee out of net consideration from transfer of a long-term capital asset and in accordance with section 54EB.

Specified long-term securities under section 54EA: equity reinvestment allowed with three-year clawback triggering capital gains tax.
Central Board of Direct Taxes specifies equity shares of M/s Koshika Holdings Ltd. as long-term specified securities under section 54EA where shares issued within one year and up to the notified aggregate amount qualify provided the investment is made out of net consideration from transfer of a long-term capital asset, and a three-year clawback renders the initial investment chargeable to tax as "Capital Gains" if converted into money within three years of allotment.

Tax exemption under section 10(23) granted subject to exclusive application of income, permitted investments, and no member distributions.
Notification allowing tax exemption for the Aero Club of India under clause (23) of section 10 for specified assessment years, conditional on exclusive application or accumulation of income to its objects; investment and deposit of funds only in permitted forms; prohibition on distributing income to members except as grants to affiliated bodies; and exclusion of business profits unless incidental to objectives with separate books maintained.

Research exemption under section 35(1)(ii): approval requires separate research accounts, annual DSIR return and audited accounts filing.
Approval of the International Advanced Research Centre for Metallurgy & New Materials, Hyderabad as an Association entitled to research-related tax exemption is notified for 1 4 99 to 31 3 2000. Conditions: maintain separate research books of account; furnish annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit audited annual accounts and audited income & expenditure account for research activities to the Director General of Income tax (Exemptions), the Secretary DSIR and the local Commissioner/Director of Income tax (Exemptions) by 31 October, besides filing the income tax return to the designated Assessing Officer.

Exemption under Section 35AC extended for charitable hospital projects, allowing continued donor tax benefits for specified medical works.
Central Government specifies maintenance and running of the Cardiology Department, hospital repairs/renewals, and Phase 2 and 3 of the ENT Department carried out by Sri Sathya Sai Medical Trust, Prasanthi Nilayam, Andhra Pradesh, as an eligible project or scheme under the Explanation to section 35AC, extending tax-exemption eligibility for a further three years beginning with assessment year 2001-2002 at an estimated cost of rupees fifteen crore twenty-seven lakhs.

Section 35AC exemption extends eligibility for specified leprosy, tuberculosis and integrated healthcare projects under the statute.
The Central Government, under Section 35AC, specifies detection, treatment and cure of leprosy patients in urban Leprosy Control Projects, treatment of T.B. patients in a T.B. Control Project, and operation of an Integrated Healthcare Project at Airoli as eligible projects for income-tax exemption; this specification follows prior notifications, an enhanced estimated cost, and a National Committee recommendation under the Income-tax Rules to extend approval for a further period beginning with the stated assessment year.

Exemption under section 35AC extended to a charitable hospital project, permitting continued eligibility after committee recommendation.
Exemption under section 35AC is extended to the project of purchase of equipment for and operation of Manilal Rikhavchand Kothari Lions Orthopaedic and General Hospital at Navsari, Gujarat, executed by Navsari Lions Sarvajanik Charitable Trust, specified as an eligible project for a further three-year period beginning with assessment year 2001-2002 following a National Committee recommendation that the project was being executed properly.

Tax exemption under section 35AC extended to School Adoption Scheme and Balwadi Project for a further multi-year period.
Exemption under section 35AC is applied to the School Adoption Scheme and Balwadi Project executed by The Bombay Community Public Trust in Mumbai; the Central Government, upon recommendation of the National Committee that the projects were properly executed, specifies these initiatives as eligible projects for a further three-year period beginning with the stated assessment year and records the projected cost, thereby extending their eligibility for tax-deduction incentives under the Income-tax Act.

Exemption under section 35AC: extension of eligibility for a charity's medical and educational relief project for three years.
Central Government designates the medical, educational and other relief works of Shree Santram Janseva Trust, Nadiad, Gujarat, as an eligible project or scheme for tax exemption under section 35AC for a further three-year period beginning with assessment year 2001-2002, following a National Committee recommendation that the project is being executed properly.

Section 35AC eligibility extended for continued tax-exempt support to a specified rehabilitation centre following regulatory recommendation.
The Central Government specified the construction, equipment and furnishing of Mitra Rehabilitation Centre by Anoopam Mission as an eligible project or scheme under section 35AC for a further three-year period beginning with assessment year 2001-2002, after the National Committee recommended extension under rule 11M on the basis that the project was being executed properly, and exercised powers under sub-section (1) read with clause (b) of the Explanation to section 35AC.

Exemption under section 35AC: eligibility for hospital construction project by Bala Sai Baba Trust extended after National Committee recommendation.
The Central Government, acting under the statutory exemption provision and the Explanation to the Income-tax Act, specifies continuation of eligibility for the construction, furnishing and equipping of Bala Sai Baba Hospital and Research Centre by Bhagwan Sri Bala Sai Baba Central Trust. Following the National Committee's recommendation under the Income-tax Rules, the project-originally specified for a three-year period beginning with assessment year 1997-98-is specified for a further three-year period beginning with assessment year 2000-2001 at the estimated project cost.

Exemption under section 35AC extended for specified hospital project after National Committee recommendation; notification renews eligibility period.
Specification under section 35AC designates instruments, equipment, vehicle and running of B.D. Patel General Hospital at Umreth, Gujarat, as an eligible project for income-tax exemption; the Central Government, acting on the National Committee's recommendation under rule 11M(5), extended the project's period of specification for a further three years beginning with assessment year 2001-2002, exercising powers under sub-section (1) read with clause (b) of the Explanation to section 35AC.

Exemption under section 35AC extended for CHIRAG rural hospital project, maintaining eligible status and tax relief conditions.
Central Government specifies the construction of a rural hospital with furnishing, equipment and ambulance at Ramgarh Block, Kumaon, Nainital, Uttar Pradesh, carried out by Central Himalayan Rural Action Group (CHIRAG), as an eligible project under section 35AC for a further two-year period beginning with assessment year 2001-2002, following a National Committee recommendation based on satisfactory execution; the notification notes the estimated project cost and an associated corpus fund and invokes the Explanation to section 35AC and the Income-tax Rules to continue the project's eligible status.

Exemption under section 35AC extended for Netra Chikitsalaya, confirming equipment and running costs as eligible project expenses.
The Central Government specified that equipments, instruments and the running of Netra Chikitsalaya at Nadiad by Sadvichar Samiti Nadiad qualify as an eligible project or scheme under Section 35AC, and, following a National Committee recommendation that execution was proper and the project would extend beyond three years, the Government specified the project for a further three-year period, confirming eligibility for the specified equipment and running costs and identifying the implementing agency and estimated project cost.

Exemption under section 35AC extended for specified charitable infrastructure project, allowing continued eligible-scheme status.
The Central Government re-specifies as an eligible project the construction of an indoor hospital ward, Balwadi, irrigation tanks and procurement of hospital equipments and vehicles being carried out by Seva Mandal Meghraj at Village Kasna, District Sabarkantha, Gujarat, following a National Committee recommendation that the project is being properly executed and likely to extend beyond the initial period; the specification is made under the Income-tax Act for a further three-year period commencing with the stated assessment year and records the estimated project cost.

Exemption under Income-tax Act extended: eligible educational project specified for three further assessment years, maintaining tax-exempt status.
The Central Government has specified the scheme of Yogiji Maharaja Mahavidyalaya and Educational Complex, carried out by Anoopam Mission at Dhari, Gujarat, as an eligible project for income-tax exemption under the relevant provision, and, following a National Committee recommendation, has extended that specification for a further period of three years beginning with the stated assessment year, noting the estimated project cost and corpus fund.

Addition of Scheme Area expands central excise notification to include Byrnihat Khanapara geographic boundaries and specific perimeter limits.
Amendment substitutes the opening paragraph to add Scheme Area alongside Industrial Area and Commercial Estate, and inserts an (E) SCHEME AREA under III MEGHALAYA with detailed geographic boundaries for the Byrnihat Khanapara Scheme Area, describing perimeters by reference to highways, local roads, river banks, streams and measured lateral distances.

Right of appeal to Securities Appellate Tribunal permitted for persons aggrieved by specified SEBI orders after amendment commencement.
Amends multiple SEBI regulations by substituting their appeal provisions to allow any person aggrieved by a Board order made on or after the commencement of the Securities Laws (Second Amendment) Act, 1999, to prefer an appeal to a Securities Appellate Tribunal having jurisdiction; the amendment is made under section 30(1) of the SEBI Act and comes into force on publication in the Official Gazette.