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of <h1>CBDT Clarifies Section 139(9) Notices: FIIs/FPIs with SEBI Registration Not Defective for Missing Financials, No PE Needed.</h1> The Central Board of Direct Taxes issued a clarification regarding defective notices sent to Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) under section 139(9) of the Income-tax Act due to incomplete Balance Sheet and Profit & Loss account submissions. Such returns will not be considered defective if the FIIs/FPIs are registered with SEBI, have no Permanent Establishment in India, and provide basic required information. For the assessment year 2015-16, returns with SEBI registration numbers are being processed. For previous years, FIIs/FPIs can submit necessary details via the Income-tax Department's e-filing portal.
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