Income-tax Act, 1961 : Order under section 119(2)(c) : Extending time limit for making the investments under section 54EC

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.... Act, 1961 provides that capital gain arising from the transfer of a long-term capital asset shall not be charged to tax to the extent such gains are invested in "long-term specified asset" within a period of six months after the date of such transfer. 2. Prior to the amendment to section 54EC by the Finance Act, 2006, "long-term specified asset" for the purposes of said section means any bond re....

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....of section 54EC have been notified by the Central Government vide Notifications Nos. S. O. 963(E) and S. O. 964(E) dated 29th June, 2006 for Rs. 1,500 crores and Rs. 4,500 crores, respectively, to be issued during financial year 2006-07. It has been informed by, REC and NHAI that these bonds will be issued from 1st July, 2006 and 20th July, 2006, respectively. 5. It has been brought to the notic....