TMI BlogSpecified person u/s 10(23FE) - Central Government specifies the sovereign wealth fund, namely, INQ Holding LLC in respect of the investment made by it in India.X X X X Extracts X X X X X X X X Extracts X X X X ..... me, for all the relevant previous years falling within the period 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 an 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 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 sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nent Account Number or Aadhaar Number), the particulars of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry of three years from the date on which the investment was made in respect of the said exemption/the SWF has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under: Sl. No. Date of investment Nature of investment (Note 4) Nature of income (Note 5) Amount of income on investment during the year Details of the entity in which Investment made Date of sale Nature of entity (Note 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 ..... the following details: i. Name of such investee ii. PAN of the investee iii. Amount of investment in such investee at the end of the year (k) Whether it has complied with the requirement of intimation of the details of investment made by it in India in Form No II issued vide circular No 15/2020 dated 22.07.2020 Yes/No (l) Whether it has loans or borrowings, as defined in sub-clause(a) of clause (ii) Explanation 2 to clause (23FE) of section 10 of the Act, directly or indirectly, for the purposes of making investment in India Yes/No (m) If answer to (l) is yes, then provide the following details: (i) Name of the person from whom such loan or borrowing has been taken (ii) Amount of loan or borrowing at the beginning of the year (iii) Amount of loan or borrowing received during the year (iv) Amount of loan or borrowing repaid during the year (v) Amount of loan or borrowing at the end of the year (n) Whether separate segmented account is maintai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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