Notification No. 11/2022 [F. No. 370133/16/2020-TPL] / SO 345(E) : Notification No. 11/2022 [F. No. 370133/16/2020-TPL] / SO 345(E)

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 25th January, 2022
(INCOME-TAX)

S.O. 345(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation to clause
(23FE) of section 10 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”) the Central Government hereby
makes the following amendment in the notification of the Government of India, Ministry of Finance (Department of
Revenue), Number 89 of 2020, published in the Gazette 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;

(viii) the assessee shall not have any loans or borrowings [as defined in sub-clause(a) of clause (ii) of
Explanation 2 to clause (23FE) of section 10 of the Act] , directly or indirectly, for the purposes of making
investment in India;

(ix) the asset of the assessee shall vest in the Government of Abu Dhabi upon dissolution barring any
payment made to creditors or depositors for loan or borrowing taken for the purposes other than for making
investment in India;

(x) the assessee shall not participate in the day to day operations of investee (as defined in clause (i) of
Explanation 2 clause (23FE) of section 10 of the Act) but the monitoring mechanism to protect the
investment with the investee including the right to appoint directors or executive director shall not be
considered as participation in the day to day operations of the investee.”;

(II) for the Annexure, the following Annexure shall be substituted, namely:-

“ANNEXURE

Audit report to be filed by the Sovereign Wealth Fund claiming exemption under clause (23FE) of section10 of
the Income-tax Act, 1961

*I/we report that the statutory audit of M/s…………………… (Name and address of the assessee with
Permanent 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 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 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)…………………………….…………………………….………………………………
(b)…………………………….…………………………….………………………………

Part II

1. Name of the Assessee :
2. PAN/AADHAAR :
3. Previous Year :
4. Total Income of the Assessee during the previous year
5. Total amount of income eligible for exemption under clause (23FE) of section 10 of the Income-tax Act,
1961 (as per details in column 11 of table at item no. 6):
6. The opening balance (i.e. the closing balance as on the last date of the preceding financial year) of the
investment made which is eligible for exemption under clause (23FE) of section 10 is ______________(in
rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the period are as under:

Download full notification

notification-11-2022

[Notification No. 11/2022/F. No. 370133/16/2020-TPL]

NEHA SAHAY, Under Secy.

Note : The Principal notification was published in the Gazette of India, Extraordinary, Part II Section 3 sub-section (ii) dated
the 2nd November, 2020 vide number S.O.3952 (E) dated 2nd November, 2020

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