TaxTMI 
TaxTMI 
Central Government specifies the sovereign wealth fund namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates - U/s 10(23FE) of Income Tax Act 1961
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....he assessee shall file return of income, for all the relevant previous years falling within the period beginning from the date in which the said investment has been made and ending on the date on which such investment is liquidated, on or before the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act; (ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by any accountant specified in the Explanation below sub-section (2) of section 288 of the Act and furnish the Audit Report in the format annexed as Annexure to this notification herewith at least one month prior to the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act. (iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to the Circular No 15 of 2020, dated the 22nd July, 2020 with F. No. 370142/26/2020-TPL, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made by it dur....
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....of M/s........................ (Name and address of the assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part II was conducted by *me/us/M/s.............................................................as per the requirement under the Notification No...../......dated.........published in the Official Gazette on............. 2. In *my/our opinion and to the best of *my/our information and according to examination of books of account including other relevant documents and explanations given to *me/us, it is certified that the assessee *has/has not complied with the conditions as laid down under clause (23FE) of section 10 of theIncome-taxAct,1961 and those provided in the said notification specifying the assessee being the Sovereign Wealth Fund as specified person for the purposes of claiming exemption under the said clause(23FE). 2.1 *The conditions not complied with by the assessee are as under:- (a)........................................................................................................ (b)........................................................................................................ 3. In *my/ou....
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.... 2. Total 7. *the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the date on which the investment was made in respect of the said exemption/the SWF has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under: Sl. No. Da....
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....h private person (ii)Amount of benefit provided during the year i) Whether it participates in the day to day operations of any of the investee, as defined in Explanation 3 to clause (23FE) of section 10, barring any monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director Yes/No j) If answer to (i) is yes, then provide the following details: (i) Name of such investee (ii) PAN of the investee (iii) Amount of investment in such investee at the end of the year k) Whether it has complied with the requirement of intimation of the details of investment made by it in India in Form No. II issued vide circular No 15/2020 dated 22.07.2020 Yes/No l) Whether it has loans or borrowings, as defined in Explanation 2 to clause (23FE) of section 10, directly or indirectly, for the purposes of making investment in India Yes/No m) If answer to (l) is yes, then provide the following details: (i) Name of the person from whom such loan or borr....
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....BFC referred to in item (e) of sub-clause (iii) of clause (23FE) of section 10 5] [F. No. 370133/16/2020-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division) *************** NOTES:- 1. Substituted vide Notification No. 11/2022 dated 25-01-2022 before it was read as, "(vii) the earnings of the assessee shall be credited either to the account of the Government of Abu Dhabi or to any other account designated by that Government so that no portion of the earnings inures to any private person; (viii) (a) the assessee does not and shall not have any loan, borrowing, advances, deposits or investment in it of any kind directly or indirectly from any person other than the Government of the Abu Dhabi; (b) The assessee shall only invest the surplus fund of the Government of Abu Dhabi and that Government shall not raise any loan, debt etc. directly or indirectly, from the market or any entity to make the said investment; (ix) the asset of the assessee shall vest in the Government of Abu Dhabi upon dissolution; (x) the assessee does not and shall not undertake any commercial act....