SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) For the Assessee : Mr. Ajay Singh, AR For the Revenue : Mr. Ram Tiwari, DR ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant assessment year is 2010-11. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-33, Mumbai [ in short 'CIT(A)']and arises out of the assessment completed u/s 143(3) of the Income Tax Act 1961, (the 'Act'). 2. The gro... ... ...

PART B: RESTRICTED SCHEMES (NON-RETAIL SCHEMES) 30. (1) Restricted Schemes are schemes that may be launched by Registered FMEs for various investment strategies, such as for :- (a) investing in start-up, early-stage ventures, social ventures, SMEs, infrastructure or other sectors or areas which the government or regulators consider as socially or economically desirable, including venture capital funds, SME Funds, social venture / impact funds, infrastructure funds, ESG Funds, Spe... ... ...

SIXTH SCHEDULE INVESTMENT VALUATION NORMS - PRINCIPLES OF FAIR VALUATION A FME shall value its investments in accordance with the following overarching principles so as to ensure fair treatment to all investors including existing investors as well as investors seeking to invest: (a) The valuation of investments shall be based on the principles of fair valuation i.e., valuation shall be reflective of the realizable value of the securities/financial product/assets. The valuation shall be ... ... ...

FIFTH SCHEDULE ADVERTISEMENT CODE (a) Advertisements shall be accurate, true, fair, clear, complete, unambiguous and concise. (b) Advertisements shall not contain statements which are false, misleading, biased or deceptive, based on assumption/projections and shall not contain any testimonials or any ranking based on any criteria. (c) Advertisements shall not be so designed as likely to be misunderstood or likely to disguise the significance of any statement. Advertisements shall not... ... ...

GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI - 110002 (POLICY BRANCH) F. 3(659)/GST/P&R/2026/125 Dated: 13/3/2026 Instruction Subject: It has been observed that despite issuance of various orders and circulars by this Department from time to time regarding the timely processing and disposal of refund claims, a number of matters relating to delay in grant of refunds are still being brought before the Hon'ble Courts. ... ... ...

FOURTH SCHEDULE ROLES AND RESPONSIBILITIES FOR PARTIES TO AN INVESTMENT TRUST PART A: ROLES AND RESPONSIBILITIES OF TRUSTEE (a) The trustee shall hold the Business assets in trust for the benefit of the unit holders in accordance with the trust deed and the requirements specified in these regulations. (b) The trustee shall enter into an investment management agreement with the investment manager on behalf of the Investment Trust. (c) The trustee shall oversee activities of the inv... ... ...

THIRD SCHEDULE CODE OF CONDUCT AND OBLIGATIONS PART A: CODE OF CONDUCT AND OBLIGATIONS OF THE FUND MANAGEMENT ENTITY (a) The FME shall take all reasonable steps and exercise due diligence to ensure that the investment of funds pertaining to any scheme is not contrary to the provisions of these regulations. (b) The FME shall be responsible for the acts of commission or omission by its employees or the persons whose services have been procured by the FME. (c) Notwi... ... ...

SECOND SCHEDULE NET WORTH REQUIREMENTS S. No. Category Net Worth 1 Authorised FME USD 75,000 2 Registered FME (Non-retail) USD 5,00,000 3 Registered FME (Retail) USD 1,000,000 =============... ... ...

FIRST SCHEDULE (Regulation 3) MANNER OF APPLICATION FOR REGISTRATION Applicants shall file their application in the SWIT and shall provide the following declarations and undertakings as part of their application in the SWIT: a) We hereby declare that the information supplied in the application, including the attachments thereto, is complete and true. b) The activities proposed in the IFSC are in line with the object clause. c) The applicant and its principal o... ... ...

Co-investment by a Venture Capital scheme may occur through a special purpose vehicle or a segregated portfolio issuing a separate class of units. Segregated portfolio investments cannot be made on terms more favourable than those available to the common portfolio, and their creation must be appropriately disclosed in the placement memorandum. A special purpose vehicle may undertake leverage if the leverage is disclosed in the placement memorandum.

FME contribution requirements for Venture Capital Schemes prescribe minimum and maximum investments based on the targeted corpus, with no mandatory contribution for relocated schemes. The contribution must be made proportionately with investor investments within 45 days, subject to extension, and maintained continuously. The maximum contribution ceiling does not apply where specified foreign-residency, beneficial-ownership and investment-concentration conditions are met. Exemptions apply on investor waiver, accredited-investor participation, or where a fund of funds invests in schemes with similar requirements.

Net asset value for each Venture Capital Scheme must be computed by the Fund Management Entity at least annually. The calculation procedure and methodology must be fully documented and regularly verified, with amendments made where necessary.

Valuation of venture capital scheme assets must comply with the investment valuation norms in the Sixth Schedule, and the Fund Management Entity and fiduciaries must ensure compliance. Assets are to be valued by an independent service provider, including a fund administrator, custodian, registered credit rating agency, registered valuer, or another person specified by the Authority. The requirement does not apply to qualifying fund of funds investments in regulated schemes already valued by an independent entity.

Borrowing and leverage by Venture Capital Schemes are permitted only where the placement memorandum discloses the maximum leverage and calculation methodology. Leverage must comply with those disclosures, and any deviation requires consent of investors holding at least two-thirds in value. A Fund Management Entity proposing to employ leverage must maintain a comprehensive risk-management framework appropriate to the scheme's size, complexity and risk profile.

24. (1) The placement memorandum for Venture Capital schemes shall clearly include disclosures regarding the investment objective, the targeted investors, proposed corpus, investment style or strategy, investment methodology, proposed tenure of the scheme, fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the scheme. (2) The FME shall ensure that the Net Asset Value (NAV) is disclosed to the investors at least on a yearly basis within ... ... ...

23. (1) In case of Venture Capital schemes, the minimum size of the corpus shall be USD 3 Million, and the total corpus shall not exceed USD 200 Million. (2) Venture Capital scheme may invest in its associate, subject to the prior approval of seventy-five per cent. (75%) investors in the scheme by value. (3) Venture Capital schemes shall invest at least 80 per cent. (80%) of the corpus in Investee Companies where not more than ten (10) years have elapsed since incorporation of such com... ... ...

22. (1) Subject to other provisions of these regulations, a Venture Capital scheme may invest only in the following instruments or entities in IFSC, India or foreign jurisdiction :- (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-backed or mortgage-backed securities; (f) Units of other Ve... ... ...

21. (1) A Venture Capital scheme shall only be a close ended scheme. (2) The amount to be raised under a Venture Capital scheme and the tenure of the scheme, which shall not be less than three (3) years, shall be disclosed in the placement memorandum. (3) The tenure of a close ended scheme may be extended up to two (2) years, subject to approval of two-thirds (2/3rd) of the investors by value of their investment in the Venture Capital scheme .: (4) Further extension to the tenure of... ... ...

20. (1) A Venture Capital scheme shall not have more than fifty (50) investors. (2) Investors investing at least USD 250,000 and Accredited Investors shall be permitted to invest in such schemes: Provided that where the investors are employees or directors or designated partners of the FME, the minimum value of investment shall be USD 60,000: Provided further that a FME may accept investments in a Venture Capital scheme from multiple investors acting together as joint investors, whe... ... ...

OFFICE OF THE DELHI AUTHORITY FOR ADVANCE RULING LAW & JUDICIAL BRANCH GOVT. OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN IP ESTATE NEW DELHI F.No. DT&T/DAAR/2025-26/1281 Date: 8/10/25 To, The System Analyst (IT) EDP Cell, DT&T Deptt. Vyapar Bhawan, IP Estate New Delhi-110002 Sub :- Sir, Please find the enclosed herewith below mentioned one order for uploading on the website of GST portal of Trade & Taxes Department Govt. of Delhi for... ... ...