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of <h1>Conversion of foreign bank branch into Indian subsidiary: capital gains exempt if scheme conditions met; noncompliance removes tax benefits</h1> Where a foreign bank operating through an Indian branch is converted into an Indian subsidiary under a Reserve Bank scheme and specified Central Government conditions, capital gains from the conversion are not taxable for the relevant year and specified income-tax provisions (relating to unabsorbed depreciation, carry-forward and set-off of losses, tax credits and income computation) apply subject to notified exceptions and adaptations. Failure to comply with scheme or notification conditions nullifies these benefits and exposes both entities to full tax provisions; any previously granted reliefs may be treated as wrongly allowed, the assessing officer may recompute income and amend assessments within the prescribed period.
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