Resultant fund definition expanded to include IFSC located funds under the tax law; relocation deadline for asset transfers extended. Amendment substitutes the Explanation to clause (viiad) of section 47 to redefine 'resultant fund' as an India established trust, company or LLP located in an International Financial Services Centre that holds either a certificate of registration as a Category I/II/III Alternative Investment Fund regulated under SEBI or IFSC Fund Management Regulations, or a certificate as a retail scheme or Exchange Traded Fund satisfying the conditions of the referenced provision; the redefinition is effective 1 April 2026. The amendment also extends the relocation cut off date for asset transfers into the resultant fund, with the extension taking effect 1 April 2025.
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Provisions expressly mentioned in the judgment/order text.
Resultant fund definition expanded to include IFSC located funds under the tax law; relocation deadline for asset transfers extended.
Amendment substitutes the Explanation to clause (viiad) of section 47 to redefine "resultant fund" as an India established trust, company or LLP located in an International Financial Services Centre that holds either a certificate of registration as a Category I/II/III Alternative Investment Fund regulated under SEBI or IFSC Fund Management Regulations, or a certificate as a retail scheme or Exchange Traded Fund satisfying the conditions of the referenced provision; the redefinition is effective 1 April 2026. The amendment also extends the relocation cut off date for asset transfers into the resultant fund, with the extension taking effect 1 April 2025.
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