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Pawan Sehrawat 577, Mahipalpur, Old Rangpuri Road

Chartered Accountant Old Sabji Mandi, New Delhi-110037
Tel 91-11-26783443, +918802977201
E-mail: Capawan13@gmail.com

To Y.G. Realty
From Pawan Sehrawat
Subject Taxability of ECS and availability of Cenvat credit on input services.

Contents
1. Background 3
2. Key objectives and Scope of work 5
3. Key terms of agreements (between YGR and DLF) 6
4. Our Analysis 7
5. Scope Limitations 12

1. Background
Mention here the facts of the cases.

2. Key terms and Scope of work

Mention here what is our job.

3. Key terms of agreements (between YGR and DLF)

Noted that the above is not an exhaustive list of conditions affective the proposed agreement between YGR
and DLF. Legal advisors should be consulted to review the agreements and any other documentation to
identify any terms and conditions that need an amendment from legal perspective.

4. Our Analysis
In this section, we have discussed in detail our comments.

5. Scope Limitations
 While providing our views, we have relied upon the information/explanations/documents provided
to us from time to time.

 We express no opinion other than that as stated immediately above, and our comments are not
intended to imply or to be an opinion on any other matter.

 A misstatement or omission of any facts, a change or an amendment in any of the facts and
representations we have relied upon, may require a modifications of all or part of our comments in
this report.

 Our comments in this report are based on provisions of the Income Tax Act, 1961, Foreign
Exchange Regulations and FDI policy of Government of India, prevailing in India and represent our
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interpretation of the said provisions, legislations, etc, as on the date of this report. The foregoing
are subject to change and any such change could have a retrospective effect on the conclusions and
recommendations presented in this memorandum.

 Our comments herein are not binding on any regulatory authorities and there can be no assurance
that the regulatory authorities will not take a position contrary to our comments.

 This report is solely for the benefit of YGR and should not be used for any other purpose or
distributed to any other party, without our prior consent.

 We have reviewed and examined the records as made available to us by the Company. While
performing this assignment we have assumed the genuineness of all signatures and the
authenticity of all documents and/or copies of documents shown to us. We have also relied upon
the veracity/truth of the representations made, and the information supplied to us by
representative of the Company.

 We have not independently validated the information provided to us with the actual records
maintained by various statutory, governmental and / or regulatory authorities.

 We have not examined the implications of other laws, business, technical, financial or accounting
issues, which may arise out of commercial or other transactions.