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The Central Government specifies any bond redeemable after three years and issued by the Power Finance Corporation Limited as a long-term specified asset under section 54EC of the Income-tax Act, 1961. This rule applies to bonds issued on or after the 15th day of June, 2017.
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th June, 2017 INCOME-TAX S.O. 1818(E).—In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued on or after the 15th day of June, 2017 by the Power Finance Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956) as ‘long-term specified asset’ for the purposes of the said section. [Notification No. 47/2017/ F. No. 370142/18/2017-TPL] ABHISHEK GAUTAM, Under Secy. (Tax Policy and Legislation)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. RAKESH SUKUL Digitally signed by RAKESH SUKUL Date: 2017.06.09 23:10:49 +05'30'
