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... ... ...

SPECIFIED PROVISION Definition as per the Income-tax Act, 2025 Section 355 { For purpose of Part B, NPO}  "specified provision" means section 12A, 12AA or 12AB or section 10(23C) of the Income-tax Act, 1961 (43 of 1961) or section 332. =============... ... ...

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

106. Subject to other provisions of these regulations, a Family Investment Fund may invest monies only in the following instruments or entities in IFSC, India or foreign jurisdictions in the manner and to the extent as specified by the Authority :- (a) Unlisted securities; (b) Securities listed or to be listed or traded on stock exchanges; (c) Money market instruments; (d) Debt securities; (e) Securitised debt instruments, which are either asset b... ... ...

105. A Family Investment Fund may undertake all activities related to managing family investment fund and such other activities as may be specified by the Authority. =============... ... ...

PART C: FAMILY INVESTMENT FUND 104. (1) A Family Investment Fund may be set up in the IFSC as a Company, Trust only in the form of Contributory Trust or Limited Liability Partnership or any other form as may be permitted by the Authority from time to time. Provided where the contributory vehicle is in the form of a Trust, it shall ensure that, - (a) the beneficiaries are identifiable based on the provisions of the Trust deed, though not specifically named in the Trust deed; ... ... ...

103. (1) An Investment Trust whose units are not listed on a recognised stock exchange may choose to surrender its certificate of registration to the Authority and on acceptance of surrender of certificate of registration, it shall no longer undertake the activity of an Investment Trust. (2) The Investment Trust and parties to the Investment Trust shall continue to be liable for all their acts of omissions and commissions with respect to activities of the Investment Trust notwithstanding ... ... ...

102. (1) A full valuation shall be conducted by the valuer at least once in every financial year: Provided that such full valuation shall be conducted at the end of the financial year ending March 31 st within two (2) months from the end of such year. (2) A half yearly valuation of the assets of Investment Trust shall be conducted by the valuer for the half-year ending on September 30 for incorporating any key changes in the previous six (6) months and such half yearly valuation report... ... ...

101. (1) The following provisions shall apply to an Investment Trust listed on a recognised stock exchange: (a) An Investment Trust whose units are listed on a recognised stock exchange may issue debt securities in the manner specified by the Authority: Provided that such debt securities shall be listed on recognised stock exchange(s). (b) The aggregate consolidated borrowings and deferred payments of the Investment Trust, holdco and the SPV(s), net of cash and cas... ... ...

100. (1) With respect to distributions made by the Investment Trust and the holdco and/or SPV,- (a) not less than ninety per cent. (90%) of net distributable cash flows of the SPV shall be distributed to the Investment Trust /holdco in proportion of its holding in the SPV; (b) not less than ninety per cent. (90%) of net distributable cash flows of the Investment Trust shall be distributed to the unit holders; (c) with regard to distribution of net distributable cas... ... ...

99. (1) The investment by a REIT shall be either directly or through an SPV or through holdco. (2) A REIT shall invest only in the following :- (a) real estate, whether freehold or leasehold, in or outside IFSC; (b) real estate related assets; (c) listed or unlisted debt securities or listed shares of local or foreign non-property corporations; (d) government securities; (e) securities issued by a supranational agency; and (f) cash and... ... ...

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES (POLICY BRANCH) VYAPAR BHAWAN. IP ESTATE, NEW DELHI 110002 NO. F.3(377)/GST/POLICY/2021/2155-64 Dated: 26/11/2024 ORDER Reference: 1 Circular No 15/2021-GST of State Tax dated 10.03.2022. 2. Corrigendum no. F 3(377)GST/Policy/2021/1243-49 dated 28/04/2022 3. Corrigendum No. F.3(377)GST/Policy/2021/688-693 dated 09/06/2023 4. Corrigendum No. F.3(377)GST/Policy/2021/712-719 dated 21/06/20... ... ...

98. (1) The investment by an InvIT shall only be in holdco and/ or SPVs or infrastructure projects or securities in accordance with the requirements specified in these regulations and the investment strategy as detailed in the offer document: Provided that in case of PPP projects, the InvIT shall mandatorily invest in the infrastructure projects through holdco and/ or SPV. (2) In case of Public Issues of InvIT :- (a) At least eighty per cent. (80%) of the value of the InvIT as... ... ...

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... ... ...

97. (1) The Investment Trust may invest in infrastructure projects or properties, as the case may be, through SPVs, subject to the following :- (a) no other shareholder or partner of the SPV shall exercise any rights that prevents the Investment Trust from complying with the regulatory requirements specified by Authority and recognised stock exchange(s), and an agreement has been entered into with such shareholders or partners to that effect prior to investment in the SPV: ... ... ...

96. (1) The Investment Trust listed on a recognised stock exchange shall comply with the continuous obligations and disclosure requirements specified by the recognised stock exchange(s). (2) The following disclosure requirements shall be applicable on an Investment Trust whose units are not listed on a recognised stock exchange: (a) The investment manager of the Investment Trust shall submit annual report, half-yearly report and valuation report to the trustee and unit holders of... ... ...

95. (1) The offer document or the placement memorandum of an Investment Trust shall contain material, true, correct and adequate disclosures to enable the investors to make an informed investment decision. (2) The offer document or placement memorandum shall include all information as required by the recognised stock exchange(s) and in such format as specified by the recognised stock exchange(s), including: (a) Introduction; (b) Details of sponsor(s), Investment Manager,... ... ...

94. The fund raising by an Investment Trust by way of public issue, shall be subject to compliance with the following: (a) The Investment Trust shall raise funds by way of initial public offer and any subsequent issue of units may be by way of follow-on offer, preferential allotment, qualified institutional placement, rights issue, bonus issue, offer for sale or any other mechanism and in such manner as may be specified by the Authority. (b) The Investment Trust, through th... ... ...

93. The fund raising by an Investment Trust by way of private placement, whose units are not proposed to be listed on the recognised stock exchange(s), shall be subject to compliance with the following: (a) The Investment Trust shall file a draft placement memorandum with the Authority in the manner as specified by the Authority, along with the applicable fee, at least five (5) working days prior to opening of the issue: Provided that such opening of the issue shall not be ... ... ...

92. The fund raising by an Investment Trust by way of private placement whose units are proposed to be listed on the recognised stock exchange(s) shall be subject to compliance with the following: (a) The Investment Trust shall obtain in-principle approval from the recognised stock exchange(s): Provided that the in-principle approval shall be valid for a period not greater than six (6) months from the date of its receipt from the recognised stock exchange. (b) The ... ... ...