113. Schemes or ETFs or Investment Trust listed on the recognised stock exchanges shall make such disclosures as may be specified by the Authority or the recognised stock exchanges. =============... ... ...

112. (1) The FME which intends to list units of its scheme or ETFs or Investment Trust on the recognised stock exchange(s), shall obtain an 'in-principle' approval from recognised stock exchange(s) in accordance with the requirements of the recognised stock exchange(s) from time to time. (2) The delisting of schemes or ETFs or Investment Trust shall be permitted subject to the terms and conditions as may be specified by the recognised stock exchanges. =============... ... ...

111. (1) The units of an Investment Trust, except those raised through private placement and are neither listed nor proposed to be listed on a recognised stock exchange, shall be listed on a recognised stock exchange: (a) in case of initial public offer, within 12 working days from the date of closure of the initial public offer; (b) in case of private placement, within 30 working days from the date of allotment: Provided that this sub-regulation shall not apply if... ... ...

ETF units must be mandatorily listed on at least one recognised stock exchange. Regulation 110 establishes exchange listing as a compulsory requirement for ETFs.

109. The FMEs may list its close ended schemes on recognised stock exchanges: Provided that a close-ended retail scheme in which the minimum amount of investment by an investor is less than USD 10,000 shall be mandatorily listed on at least one of the recognised stock exchanges. =============... ... ...

Regulation 108 establishes a permissive listing framework for open-ended schemes. Fund Management Entities may list their open-ended schemes on recognised stock exchanges. The provision addresses the availability of stock-exchange listing for such schemes rather than imposing a mandatory listing requirement.

OFFICE OF THE COMMISSIONER OF CUSTOMS (IMPORT), TECHNICAL CELL, AIR CARGO COMPLEX, SAHAR, ANDHERI (EAST), MUMBAI - 400 099 F.No. S/3-Misc-PRO-01/2021-22/ACC(I) Date: 30.03.2023 PUBLIC NOTICE NO. 17/2022-23 Sub: - reg. Attention of all Importers, Customs Brokers and the Members of the Trade is invited to the Public Notice No. 38/2021 dated 22.06.2021 and 29/2022 dated 23.07.2022 issued in light of the CBIC Circular No 07/2020 dated 05.02.2020 regarding the valuation of Second H... ... ...

For Part B concerning NPOs, "specified provision" encompasses section 12A, section 12AA, section 12AB, and section 10(23C) of the Income-tax Act, 1961, together with section 332. The definition establishes the statutory references included within that expression for the Part B NPO framework.

107. A Family Investment Fund may borrow funds and engage in leveraging activities as per their risk management policy. =============... ... ...

Permissible investments by a Family Investment Fund, subject to applicable regulatory conditions and Authority-specified limits, include securities, money market and debt instruments, securitised debt, investment-scheme units, derivatives, limited liability partnerships and physical assets. Investments may be made in IFSC, India or foreign jurisdictions. Additional securities, financial products, assets or instruments may be permitted where specified by the Authority.

Family Investment Fund permissible activities include all activities connected with managing the fund. Additional activities may be undertaken where specified by the Authority, allowing the operational scope to extend beyond core fund-management functions in accordance with those specifications.

Family Investment Funds may be constituted as companies, contributory trusts, limited liability partnerships, or other permitted forms. Contributory trusts must ensure identifiable beneficiaries, determinable beneficiary shares, and that subsequent contributions do not make beneficiaries or their interests indeterminate. The fund must maintain a minimum investment of USD 10 million within three years of registration. Additional investment vehicles may be established upon filing documents and paying applicable fees, and are aggregated with the fund for the minimum-investment condition.

Unlisted Investment Trusts may voluntarily surrender their certificate of registration to the Authority. On acceptance, they must cease carrying on Investment Trust activities. The Investment Trust and its parties remain liable for all past acts, omissions and commissions connected with those activities despite surrender of registration.

Investment Trusts must obtain annual and half-yearly asset valuations, with quarterly valuations for InvITs exceeding the prescribed borrowing and deferred-payment threshold. Listed InvITs must submit valuation reports to recognised stock exchanges. Public unit issues generally require a current full valuation included in the offer document. Asset purchases or sales departing beyond prescribed margins from assessed value require unit holder approval. Material developments affecting value require prompt revaluation and disclosure. Valuers are restricted from valuing assets connected with their recent acquisition or disposal involvement.

Listed Investment Trusts may issue listed debt securities and must comply with consolidated borrowing and deferred-payment limits, net of cash and cash equivalents. Further borrowings exceeding 25% of asset value require a credit rating and unitholder approval. InvIT borrowings above 49% additionally require an AAA or equivalent rating, use solely for infrastructure acquisition or development, a record of six continuous post-listing distributions, and prior unitholder approval. Market-driven breaches must be rectified within six months.

Regulation 100 requires Investment Trusts, holdcos and SPVs to distribute prescribed portions of net distributable cash flows through the investment structure to unitholders. Publicly offered InvITs must make distributions at least once every six months and within 15 days of declaration. Sale proceeds from infrastructure assets, properties, or interests in holdcos or SPVs need not be distributed if proposed for reinvestment; where reinvestment is not proposed within one year, the proceeds must be distributed under the applicable cash-flow distribution requirements.

Regulation 99 requires public-offer REITs to maintain at least 75% of assets in income-producing real estate, restricts development and uncompleted-property exposure, limits specified single-issuer or manager exposure, and caps non-permissible revenue. Certain breaches caused by market, tenancy, lease-expiry, or property-sale events must be notified to the trustee and rectified within the prescribed period, subject to possible unitholder-approved extension. Private-placement REITs must maintain at least 80% of asset value in eligible real estate and may invest unutilised funds only in specified permitted instruments.

Powers under the first proviso to sub-rule (1) of Rule 23 of the Delhi Goods and Services Tax Rules, 2017 are delegated to every concerned Zonal Incharge. The delegation operates for all eligible cases governed by the amended provisions of Section 30(1) of the Delhi Goods and Services Tax Act, 2017, with effect from 1 October 2023.

Public-issue InvITs must invest at least 80% of asset value in completed and revenue-generating infrastructure projects, with only direct qualifying project investments through holdcos or SPVs counted toward that threshold. Up to 20% may be invested in specified ancillary assets, while under-construction infrastructure projects are separately capped at 10%. Market-driven breaches require trustee notification and restoration of compliance within the prescribed period. Privately placed InvITs must invest at least 80% in eligible infrastructure projects and may place uninvested funds in specified permitted securities and cash-equivalent instruments.

SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For the Assessee : Shri Sachit Jolly, Adv Shri Aayush Nagpal, Adv For the Revenue : Shri Anupam Kant Garg, CIT-DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER This appeal by the assessee is preferred against the order dated NIL framed u/s 143(3) r.w.s 144C of the Income tax Act, 1961 [hereinafter referred to as 'the Act' for short] pertaining to ay 2011-12. 2. The assessee has raised as many as... ... ...