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INCOME TAX APPELLATE TRIBUNAL
Date : 4th June, 2021
NOTICE
Subject : Launching of e-Filing Portal of Income Tax Appellate Tribunal.
Whilst the outbreak of COVID-19 Pandemic has posed significant challenges all over the world causing mass disruptions in all sectors, including the justice delivery systems, the Income Tax Appellate Tribunal has responded to such challenges in its own humble way, by rapidly adopting the supportive technologies that enabled continuation of functioning of Courts through the mode of Video Conferencing and, at times, exchange of documentation using web-based platforms in the pandemic period. In this way, we have transitioned from being primarily traditional face-to-face proceedings to online court proceedings also, an experiment which has been very successful and, I am happy to share that the ITAT has adapted to this new landscape quickly.
In furtherance to the spirit of the motto of the ITAT, i.e., ‘Nishpaksh Sulabh Satvar Nyay’ meaning, Impartial, Easy and Speedy justice, we, at ITAT, are pleased to announce for the benefit of all our stakeholders the launch of e-Filing Portal, which has been developed consequent upon the revision of Memoranda of Appeal and Cross[1] objection under the Income-tax Act, 1961 and has been extensively tested by in-house as well as by pre-identified external users and, the user-acceptance has been reported of a satisfactory level. The e-Filing Portal shall be initially soft-commissioned at Delhi Zone Headquarter with effect from 21st June, 2021, and would be gradually rolled out at all other Zonal Headquarters and other subordinate Benches across the country within a period of 4 (four) weeks thereafter.
The Practice Note regarding launch of the Portal, the detailed Standard Operating Procedures (SOPs) and Frequently Asked Questions (FAQs) for the guidance and understanding of the end users shall soon be available in public domain.
Sd/-
[JUSTICE P.P. BHATT]
PRESIDENT
Ministry of Finance
Dated: 01 JUN 2021
Dr. K.P. Krishnan headed expert committee on Variable Capital Company has submitted its report on the feasibility of Variable Capital Companies in the International Financial Services Centres to the Chairperson of the International Financial Services Centres Authority (IFSCA), Shri. Injeti Srinivas.
International Financial Services Centres Authority constituted a Committee of Experts (‘the Committee’) to examine the feasibility of the Variable Capital Company (‘VCC’) in India to examine the suitability of the Variable Capital Company as a vehicle for fund management in the International Financial Services Centre in India.
The IFSCA set up this Committee to explore the potential for allowing another legal structure – popularly known as a variable capital company (VCC) – as an additional option through which asset managers could pool the investors’ funds. The VCC structure dispenses with some of the key limitations of companies and LLPs and provides for higher regulatory standards than those applicable to trusts.
Fund management activities are an important pillar of the overall financial services ecosystem. In line with the mandate given to the Committee, it examined the relevance and adaptability of the VCC for the IFSC in India or alternative structures to attract fund business in the IFSC. Conventionally, pooling of funds in India is undertaken through three types of entities, namely, limited liability companies governed under the Companies Act, 2013; limited liability partnerships under the Limited Liability Partnership Act; and trusts governed under the Indian Trusts Act, 1882.
The Committee assessed the features of a VCC or its equivalent, in other jurisdictions such as the UK, Singapore, Ireland and Luxembourg. The Committee recommended the adoption of a VCC-like legal structure for the purpose of conducting fund management activity in IFSCs
The Committee recognized that the legal framework governing entities that undertake fund management should provide for certainty and clarity to investors, effective segregation and ring fencing of different pools of asset, the ability to issue different classes of shares, alterations to the funds’ capital structure without regulatory approvals and the freedom to choose the appropriate accounting standards applicable to funds with different characteristics, the ability to wind up quickly.
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RM/MV/KMN
(Release ID: 1723511)