Transfer of unlisted shares by SEBI registered Category I & Il Alternative Investment Funds- directions

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..... oners of Income-tax/ All Principal Directors General of Income-tax Sir/Madam Subject: Transfer of unlisted shares by SEBI registered Category I Il Alternative Investment Funds- directions- regd. Vide order dated 02.05.2016 in F.No.225/12/2016/lTA.ll , the Central Board of Direct Taxes ('the Board') had clarified the position regarding tax treatment of income arising from .....

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..... of which are new set-ups or start-ups, and thus, some form of 'control and management of the underlying business' may be required to be exercised by such AlFs to safeguard the interest of the investors. Therefore, it is further clarified that exception in clause (iii) of para 3 of order dated 02.05.2016 in file of even number, would not be applicable in cases of SEBI registered Category I .....

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