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of <h1>Tax Deduction Rules for Foreign Company Share Exchanges Under Section 85B Highlight Complex Intellectual Property Transfer Mechanisms</h1> The statutory provision relates to Section 85B of the Income Tax Act, 1961, which originally addressed tax deductions on dividends received from certain foreign companies. The section was inserted in 1966 and subsequently omitted in 1967 before it could be fully implemented. The provision concerned tax treatment for Indian companies receiving shares from foreign companies in exchange for patents, technical services, or intellectual property, with specific conditions for tax deduction calculations.
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