India - Income Tax Act 2010 - Saarc

1.335 CH. IV - COMPUTATION OF INCOME FROM CAPITAL GAINS S. 54EC56[(b) “long-term specified asset” for making any investment under thissection during the period commencing from the 1st day of April, 2006and ending with the 31st day of March, 2007, means any bond,redeemable after three years and issued on or after the 1st day ofApril, 2006, but on or before the 31st day of March, 2007,—(i) by the National Highways Authority of India constitutedunder section 3 of the National Highways Authority of IndiaAct, 1988 (68 of 1988); or(ii) by the Rural Electrification Corporation Limited, a companyformed and registered under the Companies Act, 1956 (1 of1956),and notified 57 by the Central Government in the Official Gazette forthe purposes of this section with such conditions (including thecondition for providing a limit on the amount of investment by anassessee in such bond) as it thinks fit:]58[Provided that where any bond has been notified before the 1st dayof April, 2007, subject to the conditions specified in the notification, bythe Central Government in the Official Gazette under the provisionsof clause (b) as they stood immediately before their amendment bythe Finance Act, 2007, such bond shall be deemed to be a bond notifiedunder this clause;]59[(ba) “long-term specified asset” for making any investment under thissection on or after the 1st day of April, 2007 means any bond,redeemable after three years and issued on or after the 1st day ofApril, 2007 by the National Highways Authority of India constitutedunder section 3 of the National Highways Authority of India Act, 1988(68 of 1988) or by the Rural Electrification Corporation Limited, acompany formed and registered under the Companies Act, 1956 (1 of1956).]56. Substituted by the Finance Act, 2007, w.r.e.f. 1-4-2006. Prior to its substitution, clause (b)of Explanation, as substituted by the Finance Act, 2001, w.e.f. 1-4-2002 and amended bythe Finance Act, 2002, w.e.f. 1-4-2003 and later on substituted by the Finance Act, 2006,w.e.f. 1-4-2006, read as under :‘(b) “long-term specified asset” means any bond, redeemable after three years andissued on or after the 1st day of April, 2006,—(i) by the National Highways Authority of India constituted under section 3 ofthe National Highways Authority of India Act, 1988 (68 of 1988), and notifiedby the Central Government in the Official Gazette for the purposes of thissection; or(ii) by the Rural Electrification Corporation Limited, a company formed andregistered under the Companies Act, 1956 (1 of 1956), and notified by theCentral Government in the Official Gazette for the purposes of this section.’57. For notified bonds, see Taxmann’s Master Guide to Income-tax Act.58. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2006. See also Order F. No. 142/09/2006-TPL, dated 30-6-2006.59. Inserted, ibid., w.e.f. 1-4-2007.