Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
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.
Note: It is a system-generated summary and is for quick reference only.
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