https://www.taxtmi.com/circulars?id=65181 The Board clarifies that a specified fund (or any group concern) that has taken loans or borrowings specifically for the purpose of making investment in India shall not be eligible for the exemption. If loans or borrowings were not taken specifically for making the investment in India, it shall not be presumed that the investment was made out of such borrowings and the specified fund remains eligible for the exemption, subject to fulfilment of all other conditions and provided the source of the investment is not from those borrowings. en-us Tue, 26 Oct 2021 00:00:00 +0530 Tue, 26 Oct 2021 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65181 The Board clarifies that a specified fund (or any group concern) that has taken loans or borrowings specifically for the purpose of making investment in India shall not be eligible for the exemption. If loans or borrowings were not taken specifically for making the investment in India, it shall not be presumed that the investment was made out of such borrowings and the specified fund remains eligible for the exemption, subject to fulfilment of all other conditions and provided the source of the investment is not from those borrowings. Circulars Income Tax Tue, 26 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65181