TMI BlogSeeks to amend Notification No. 89/2020 dated 02 November 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 3952(E), dated the 2nd November, 2020, namely:- In the said notification,- (I) for clauses (vii), (viii), (ix), (x), (xi) and (xii), the following clauses shall be substituted, namely:- (vii) the earnings of the assessee shall be credited either to the account of the Government of Abu Dhabi or to any other account designated by that Government so that no portion of the earnings inures to any private person barring any payment made to creditors or depositors for loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for the purposes other than for making investment in India; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur 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 theIncome-taxAct,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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant rules) Nature (inst-ruction 6) Name PAN In case if nature of entity code is 3/4/5, whether the entity has made minimum investment of 50 or75 or 90 percent as required in item (c) or (d) or (e) of sub-clause (iii) of clause (23FE) of section 10 (Attach calculation sheet as per relevant rules) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f investment (Instruction 4) Nature of income (instruction 5) Amount of income on investment during the year Details of the entity in which Investment made Date of sale Nature of entity (instruction 6) Name PAN (1) (2) (3) (4) (5) (6) (7) (8) (9) 1. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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)Amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Amount of loan or borrowing at the end of the year n) Whether separate segmented account is maintained for income and investment in respect of investment which qualifies for exemption under clause (23FE) of section 10 of the Act Place: Date: (Signature and stamp/Seal of the signatory) Name of the signatory . Full address . Membership No UDIN .. .. Instructions: 1. *Delete whichever is not applicable. 2. This certificate is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Income-tax Act, 1961. 3. An investee shall have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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