Central Government specifies the pension fund, namely, AIMCo India Infrastructure Limited in respect of the eligible investment made by it in India - 93/2024 - Income Tax - 93/2024 - Income Tax Act, 1961
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Specified person status for pension fund enables tax exemption on eligible investments subject to compliance and conditions. AIMCo India Infrastructure Limited is specified as the person eligible for exemption under clause (23FE) for qualifying investments in India subject to conditions: timely return filing, Form 10BBC compliance certificate, quarterly Form 10BBB reporting, segmented accounts, regulation under Alberta law, administering assets solely for statutory retirement/social security plans, a capped allowance for non-core wholly government-owned assets with earnings credited to government accounts, prohibition on borrowings for Indian investments, and no day-to-day participation in investees apart from monitoring rights. Non-compliance renders the fund ineligible.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Specified person status for pension fund enables tax exemption on eligible investments subject to compliance and conditions.
AIMCo India Infrastructure Limited is specified as the person eligible for exemption under clause (23FE) for qualifying investments in India subject to conditions: timely return filing, Form 10BBC compliance certificate, quarterly Form 10BBB reporting, segmented accounts, regulation under Alberta law, administering assets solely for statutory retirement/social security plans, a capped allowance for non-core wholly government-owned assets with earnings credited to government accounts, prohibition on borrowings for Indian investments, and no day-to-day participation in investees apart from monitoring rights. Non-compliance renders the fund ineligible.
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