In section 47 of the Income-tax Act,--(a)in clause (vica), after the words “successor cooperative bank”, the words “or to the converted banking company” shall be inserted;(b)in clause (vicb),––(i)after the words “successor co-operative bank”, the words “or to the converted banking company” shall be inserted;(ii)in the Explanation, for the words ‘expressions “business reorganisation”, “predecessor co-operative bank” and’, the words ‘expressions “business reorganisation”, “converted banking company”, “predecessor co-operative bank” and’ shall be substituted;(c)after clause (viiab), the following clauses shall be inserted with effect from the 1st day of April, 2022, namely:––‘(viiac) any transfer, in a relocation, of a capital asset by the original fund to the resulting fund;(viiad)any transfer by a shareholder or unit holder or interest holder, in a relocation, of a capital asset being a share or unit or interest held by him in the original fund in consideration for the share or unit or interest in the resultant fund;Explanation.–– For the purposes of clauses (viiac) and (viiad),––(a)“original fund” means a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfills the following conditions, namely:—(i)the fund is not a person resident in India;(ii)the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or subsection (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf;(iii)the fund and its activities are subject to applicable investor protection regulations in the country or specified territory where it is established or incorporated or is a resident; and(iv)fulfils such other conditions as may be prescribed;(b)“relocation” means transfer of assets of the original fund to a resultant fund on or before the 31st day of March, 2023, where consideration for such transfer is discharged in the form of share or unit or interest in the resulting fund to the shareholder or unit holder or interest holder of the original fund in the same proportion in which the share or unit or interest was held by such shareholder or unit holder or interest holder in such original fund;(c)“resultant fund” means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership, which––(i)has been granted a certificate of registration as a Category I or Category II or Category III Alternative Investment Fund, and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012 made under the Securities and exchange Board of India Act, 1992; and 15 of 1992. or International Finance Services Centres Authority Act, 2019; and(ii)is located in any International Financial Services Centre as referred to in sub-section (IA) of section SOLA;'.(viiae)any transfer of capital asset by India Infrastructure· Finance Company Limited to an institution established for Financing the Infrastructure and Development, set up under an Act of Parliament and notified by the Central Government for the purposes of this clause;
