9911796707
TMI BlogManner of furnishing undertaking under rule 11UE.X X X X Extracts X X X X X X X X Extracts X X X X ..... he said undertaking, - (a) grant a certificate in Form No. 2 accepting such undertaking; or (b) pass an order rejecting such undertaking, where the undertaking in Form No. 1 is incorrect or incomplete or any part thereof or any of the attachments or evidences or the indemnity bonds provided therein or any of the authorisations, as referred to in sub-rule (3) of rule 11UE is incorrect or incomplete or not furnished, after giving an opportunity of being heard to the declarant. (3) After the grant of certificate in Form No. 2, the conditions under sub-rule (2) of rule 11UE shall be fulfilled by the declarant and interested parties and an intimation to this effect shall be filed by the declarant in Form No. 3 within sixty days of the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arbitration, conciliation or mediation; or (iii) proceeding to enforce or pursue attachments in respect of any award, order or judgement or any other relief against the Republic of India or Indian affiliates, has been filed or notice thereof has been given by the declarant or any interested parties, the declarant and all such interested parties have irrevocably withdrawn all such appeals, applications, petitions, proceeding, arbitration, conciliation and mediation and no further appeal or application or petition or proceeding or arbitration or conciliation or mediation has been filed by the declarant or any such interested party against the Republic of India or any of the Indian Affiliates before the withdrawal of such arbitration, co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unity of being heard to the declarant, decline to grant relief under sub-rule (7) where,- (a) the declarant has not fulfilled any of the conditions stipulated under sub-rule (2) of rule 11UE; (b) the intimation in Form No. 3 or any part thereof is incorrect or incomplete; (c) the intimation in Form No. 3 has not been filed in a case other than that covered under sub-rule (6); (d) any of the attachments provided in Form No. 3 is incorrect or incomplete or has not been furnished; (e) any of the evidences required to be furnished along with Form No. 3 is incorrect or incomplete or has not been furnished; or (f) the intimation in Form No. 3 submitted by the declarant is not duly authorised by all necessary corporate action, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other provision of the rule 11UE and this rule, such undertaking or intimation shall be treated as invalid and the provisions of this rule shall apply as if such person had never furnished the undertaking in Form No. 1 or intimation in Form No. 3, as the case may be. (13) The extended period allowed under sub-rule (11) for submitting a renewed undertaking in Form No. 1 or a renewed intimation in Form No. 3 shall be excluded from,- (a) the period of fifteen days under sub-rule (2) for granting a certificate in Form No. 2 or passing an order rejecting such undertaking, as the case may be, by the jurisdictional Principal Commissioner or Commissioner; or (b) thirty days under clause (a) and (b) of sub-rule (9) for passing an order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or applications or petitions or proceeding has been filed by any other person representing the Republic of India, with respect to the specified orders covered under Form No. 4, within sixty days from the date of receipt of such directions. (17) Any dispute with respect to the undertaking or part of the undertaking or indemnity bond specified Forms prescribed under these rules or in respect of any direction or order issued thereunder shall be governed by the relevant Indian laws and be decided in accordance with the procedures specified under the Act, under the exclusive jurisdiction of the relevant income-tax authorities, tribunals or courts in India, as the case may be, which are empowered to decide disputes under the Act. (18) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders; (d) related party means affiliates, predecessors, successors, all the companies or entities in the entire chain of holding till the ultimate holding company or entity, subsidiaries (whether direct or indirect), assignees, agents, shareholders (present and future), owners, directors, officers, those providing financing, and employees of the declarant; (e) relevant order means any specified order passed or made in respect of income accruing or arising through or from the transfer of an asset or a capital asset situate in India in consequence of the transfer of a share or interest in a company or entity registered or incorporated outside India made before the 28th day of May, 2012, particulars whereof are provided in Part A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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