Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-05012026-269111
EXTRAORDINARY
PART II-Section 3-Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 43]
NEW DELHI, MONDAY, JANUARY 5, 2026/PAUSHA 15, 1947
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 5th January, 2026
(INCOME-TAX)
S.O. 44(E).- In exercise of the powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to
clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the "Act"), the Central
Government hereby specifies the pension fund, namely, Inbar Holding RSC Limited (PAN: AAGCI2029C),
(hereinafter referred to as “the assessee”) as the specified person for the purposes of the said clause in respect of the
eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but
on or before the 31st day of March, 2030 (hereinafter referred to as “the said investments") subject to the fulfilment of
the following conditions, namely:-
(i)
the assessee shall file return of income, 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 intimate the details in respect of each investment made by it in India during the quarter
within one month from the end of the quarter in Form No. 10BBB, as per the provisions of clause (v) of rule
2DB of the Income-tax Rules, 1962;
(iii)
the assessee shall furnish along with such return a certificate in Form No.10BBC in respect of compliance
to the provisions of clause (23FE) of section 10 of the Act, during the financial year, from an accountant as
defined in the Explanation below sub-section (2) of section 288 of the Act, as per the provisions of clause
(vi) of rule 2DB of the Income-tax Rules, 1962;
(iv)
the assessee shall maintain a segmented account of income and expenditure in respect of such investment
which qualifies for exemption under clause (23FE) of section 10 of the Act;
(v)
the assessee shall continue to be regulated under the laws of the Government of Abu Dhabi, or the
Government of the United Arab Emirates, or both;
(vi)
the assessee shall be responsible for administering or investing the assets for meeting the statutory
obligations and defined contributions of one or more funds or plans established for providing retirement,
social security, employment, disability, death benefits or any similar compensation to the participants or
beneficiaries of such funds or plans, as the case may be;
(vii)
the earnings and assets of the assessee should be used only for meeting statutory obligations and defined
contributions for participants or beneficiaries of funds or plans referred to in clause (vi) and no portion of
the earnings or assets of the pension fund inures any benefit to any other private person; barring any payment
made to creditors or depositors for loan or borrowing [as defined in sub-clause (b) 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 (b) 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; and
(ix)
the assessee shall not participate in the day-to-day operations of investee [as defined in clause (i) of
Explanation 2 to 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.
2. Violation of any of the conditions as stipulated in the said clause (23FE) of section 10 of the Act and this notification
shall render the assessee ineligible for the tax exemption.
3. This notification shall come into force from the date of its publication in the Official Gazette.
[Notification No.1/2026/No. 500/PF6/S10(23FE)/FT&TR-II (2)]
SYAMA SAJI, Under Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
SARVESH KUMAR Digitaly signed by SARVESH KUMAR
SRIVASTAVA Due 2006.01.25 21:40:19+0530