Corporate Updates – 16-06-2015


CBDT under provisions of the Wealth-tax Act, authorizes Principal Commissioners / Commissioners of Wealth-tax to admit application for revision under Section 25 of the Act from assessees seeking refund arising due to the amendment made in the definition of "urban land" with retrospective effect from 1.4.1993 and would not include land classified as agricultural land in the records of the Government and used for agricultural purposes. Accordingly, such land stands exempt from wealth-tax and tax paid in respect of such land is required to be refunded. The application for such claim shall be made by the assessee within one year from the date of issue of this order. After expiry of the said period, no such claim shall be admitted.


SEBI has issuedClarification on grant of registration asa Foreign Portfolio Investor (FPI) to Registered Foreign Venture Capital Investors (FVCI) as the SEBI (Foreign Portfolio Investors) Regulations, 2014 as well as the SEBI (Foreign Venture Capital Investors) Regulations, 2000 do not expressly prohibit FVCI from holding registration as a FPI. The investment conditions and restrictions for an entity registered as FVCI under FVCI Regulations are different as compared to the investment conditions and restrictions as prescribed for an entity registered as FPI under the FPI Regulations. Accordingly, such an entity would be required to have a clear segregation of funds/ securities which are proposed to be invested / held under the respective registrations. Further, the applicant shall be required to comply with the provisions of FPI Regulations, FVCI Regulations and the circulars etc., issued there under from time to time.

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