Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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SEBI has prescribed the conditions for AIFs and erstwhile VCFs to retain liquidation proceeds beyond permissible fund life, where there is demonstrated litigation, tax, regulatory or other legal notice, investor consent for anticipated liabilities, or substantiated residual winding-up expenses. Retained monies must be invested only as permitted under the AIF Regulations, and schemes must be wound up once liabilities are met and the balance distributed. An AIF may seek 'Inoperative Fund' status where it has retained monies or, even without retained monies, wishes to keep registration pending a favourable litigation outcome; once tagged, it cannot launch new schemes or charge management fees, and must file annual retention status reports until liabilities are resolved.
SEBI has prescribed the conditions for AIFs and erstwhile VCFs to retain liquidation proceeds beyond permissible fund life, where there is demonstrated litigation, tax, regulatory or other legal notice, investor consent for anticipated liabilities, or substantiated residual winding-up expenses. Retained monies must be invested only as permitted under the AIF Regulations, and schemes must be wound up once liabilities are met and the balance distributed. An AIF may seek 'Inoperative Fund' status where it has retained monies or, even without retained monies, wishes to keep registration pending a favourable litigation outcome; once tagged, it cannot launch new schemes or charge management fees, and must file annual retention status reports until liabilities are resolved.
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