https://www.taxtmi.com/acts?id=37023 Clause (viib) is amended to include specified fund, and a further proviso provides that if a company previously exempted under notification conditions later fails those conditions, any consideration for issue of shares exceeding fair market value is deemed the company's income for the year of failure and is treated as under reported income invoking the misreporting consequences. The Explanation defines specified fund as an India incorporated trust, company, LLP or body corporate registered as a Category I or II Alternative Investment Fund, and defines trust by reference to the Indian Trusts Act or other law. en-us Wed, 24 Jul 2019 16:25:10 +0530 Fri, 02 Aug 2019 10:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=37023 Clause (viib) is amended to include specified fund, and a further proviso provides that if a company previously exempted under notification conditions later fails those conditions, any consideration for issue of shares exceeding fair market value is deemed the company's income for the year of failure and is treated as under reported income invoking the misreporting consequences. The Explanation defines specified fund as an India incorporated trust, company, LLP or body corporate registered as a Category I or II Alternative Investment Fund, and defines trust by reference to the Indian Trusts Act or other law. Act-Rules F. Acts / Amendment Acts Wed, 24 Jul 2019 16:25:10 +0530 https://www.taxtmi.com/acts?id=37023