Profits of the business defined as trading profits reduced by brokerage type receipts and profits of foreign branches.

"Profits of the business" means profits computed under "Profits and gains of business or profession" reduced by ninety per cent of receipts of the nature of brokerage, commission, interest, rent, charges or similar receipts included in such profits and by the profits of any branch, office, warehouse or other establishment of the assessee situated outside India.

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