The CBDT declares MIC Redwood 1 RSC Limited as specified person to invest in infrastructure business

The Central Board of Direct Taxes vide notification dated 02.11.2020 has specified the sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates as the specified person for the purposes of clause (23FE) of section 10 of the Income-tax Act, 1961 subject to the fulfilment of the specified conditions. Clause (23FE) in section 10 the Income-tax Act, 196 provide for exemption to income of a specified person in the nature of dividend, interest or long-term capital gains arising from investment made by it in India if the investment is made in specified infrastructure business during the period from 01.04.2020 to 31.03.2024, and held for at least three years. The conditions includes filing, auditing and investment requirements.

The notification shall come into force from the date of its publication in the Official Gazette.