TMI BlogCentral Government specifies the sovereign wealth fund, namely, the Norfund, Government of NorwayX X X X Extracts X X X X X X X X Extracts X X X X ..... od beginning from the date in which the said investment has been made and ending on the date on which such investment is liquidated, on or before the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act ; (ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by any accountant specified in the Explanation below sub-section (2) of section 288 of the Act and furnish the Audit Report in the format annexed as Annexure to this notification herewith at least one month prior to the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act ; (iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to the Circular No 15 of 2020, dated the 22nd July, 2020 with F. No. 370142/26/2020-TPL, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made by it during the said quarter; (iv) the assessee shall maintain a segmented account of income and expend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f which are given in Part II was conducted by *me/ us/ M/s. .. . as per the requirement under the Notification No ../ dated published 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 the Income-tax Act, 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) . . (b) . . 3. 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, the particulars given in the Part II are true and correct subject to the following observations/qualifications, if any, namely:- (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. 2. Total 7.*the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the date on which the investment was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ownership (e) Name of the law under which the SWF is set up and regulated (f) Whether the earnings of the said fund are credited either to the account of the Government of that foreign country or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person barring any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India. Yes/No (g) Whether the asset of the said fund vests in the Government of such foreign country upon dissolution barring any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India. Yes/No (h) If answer to (f) or (g) is No, then provide the following details: i. Name of such private person ii. Amount of benefit provided during the year (i) Whether it participates in the day to da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961. . 4. One of the following codes is to be selected: Nature of Investment Code Debt 1 Equity 2 Preference Shares 3 Others (Please specify) 4 5. One of the following codes is to be selected: Nature of Income Code Interest 1 Dividend 2 Capital Gains 3 Others 4 6. One of the following codes is to be selected: Nature of entity in which investment is made Code Business Trust referred to in item (a) of sub-clause (iii) of clause (23FE) of section 10 1 Company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 2 Alternative Investment Fund referred to in item (c) of sub-clause ..... X X X X Extracts X X X X X X X X Extracts X X X X
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