Section 9A(8A) — the law in short
What the courts have decided on section 9A(8A), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Statutory position — section 9A(8A): the conditions can be switched off for a fund manager located in an IFSC, if he commenced operations by 31 March 2030
CBDT Circulars & InstructionsCuts both ways
Our fund manager is being set up in GIFT City rather than in Mumbai. Does that make any difference to the section 9A conditions?
It can, but only through a notification. Section 9A(8A) empowers the Central Government, by notification in the Official Gazette, to specify that any one or more of the conditions in clauses (a) to (m) of section 9A(3) or clauses (a) to (d) of section 9A(4) shall not apply, or shall apply with such modifications as the notification specifies, in the case of an eligible investment fund and its eligible fund manager where the manager is located in an International Financial Services Centre and has commenced its operations on or before 31 March 2030. The relaxation is not automatic: without a notification covering the condition in question, every condition continues to apply in full.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.