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Guidelines for application of section 9A

Rule 10V - Rule - Part D. - Special cases - Income Tax - Rule 10V - 1[10V. .-(1) Where the investment in the fund has been made directly by an institutional entity, the number of members and the participation interest in the fund shall be determined by looking through the said entity, if it, - (a) independently satisfies the conditions mentioned in clauses (c), (e), (f) and (g) of sub-section (3) of section 9A; (b) has been setup solely for the purpose of pooling funds and investment thereof; an .....

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e due diligence to ascertain the indirect participation, if any, of a person resident in India and the extent thereof: Provided that where such direct investor is, the Government or the Central bank or a sovereign fund or a multilateral agency or appropriately regulated investor in the form of pension fund or University fund or a bank or collective investment vehicles such as mutual funds, the fund shall obtain a declaration in writing from the direct investor regarding the participation, if any .....

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fund shall not be denied the benefit of being an eligible fund for the purposes of section 9A, if, - (a) non-fulfilment of any of the conditions specified in clauses (c), (d) and (e) of sub-section (3) of section 9A, - (i) is for the reasons beyond the control of the fund and it does not exceed a period of ninety days; (ii) does not exceed a period of eighteen months beginning from the date on which the fund is setup or is not beyond the final closing of the fund, whichever is earlier, and bonaf .....

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section (3) of section 9A, a fund shall be said to be controlling or managing a business carried out by any entity, if the fund directly or indirectly holds such rights in, or in relation to, the entity, which results in the fund holding the share capital or a voting power or an interest exceeding twenty six per cent. of the total share capital of, or as the case may be, total voting power or total interest in, the entity. (5) Subject to the provisions of sub- rules (6), (7) and (8), for the pur .....

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maintain information and documents as required under section 92D and the rules made thereunder. (7) The fund manager shall, in addition to any report required to be furnished by it under section 92E, obtain a report from the accountant in respect of activity undertaken for the fund and furnish such report on or before the specified date in the Form No. 3CEJ duly verified by such accountant in the manner indicated therein and all the provisions of the Act shall apply as if it is a report to be fu .....

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he Transfer Pricing Officer, as the case may be, shall, before determining the arm s length price for the purposes of clause (m) of sub-section (3) of section 9A, provide an opportunity to the fund to produce the information and documents necessary for the determination of the arm s length price and the arm s length price shall be determined after considering the documents or information, if any, provided by the fund. (9) If in any previous year, it is determined that the remuneration paid or pa .....

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