(3)Nothing contained in the first and second provisos to section 48 shall apply for the computation of long-term capital gains arising out of the transfer of long-term capital asset, being Global Depository Receipts referred to in clause (b) of sub-section (1).Explanation.—For the purposes of this section,—(a)"Global Depository Receipts" means any instrument in the form of a depository receipt or certificate (by whatever name called) created by the Overseas Depository Bank outside India [or in an International Financial Services Centre] and issued to investors against the issue of,—(i)ordinary shares of issuing company, being a company listed on a recognised stock exchange in India; or*(ii)foreign currency convertible bonds of issuing company;†[(iii) ordinary shares of issuing company, being a company incorporated outside India, if such depository receipt or certificate is listed and traded on any International Financial Services Centre;](b)"information technology service" means any service which results from the use of any information technology software over a system of information technology products for realising value addition;(c)"information technology software" means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form and capable of being manipulated or providing inter-activity to a user, by means of an automatic data processing machine falling under heading information technology pro-ducts but does not include non-information technology products;(ca)"International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);(d)"Overseas Depository Bank" means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company.
