Seeks to amend Notification No. 89/2020 dated 02 November 2020

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....he Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 3952(E), dated the 2nd November, 2020, namely:- In the said notification,- (I) for clauses (vii), (viii), (ix), (x), (xi) and (xii), the following clauses shall be substituted, namely:- "(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 barring any payment made to creditors or depositors for loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for the purposes other than for making investmen....

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....blished 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)........................................................................................................ ....

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.... Date of inve-stment Amount of inves-tment Nature of investment (Instruc- tion 4) Nature of income (instruc- tion 5) Amount of income on investment during the year Details of the entity in which Investment made Amount of income which is eligible for exemption under clause (23FE) of section 10 (Attach calculation sheet as per relevant rules) Nature (inst-ruction 6) Name PAN In case if nature of entity code is 3/4/5, whether the entity has made minimum investment of 50 or75 or 90 percent as required in item (c) or (d) or (e) of sub-clause (iii) of claus....

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....nstruction 4) Nature of income (instruction 5) Amount of income on investment during the year Details of the entity in which Investment made Date of sale Nature of entity (instruction 6) Name PAN (1) (2) (3) (4) (5) (6) (7) (8) (9) 1.                 2.                                   Total               8. The SWF satisfies all the conditions required for the purposes of exemption under clause (23FE) of section 10 of the Income....

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....ations 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, direct....