Exemption from section 104 for Indian companies where most receipts derive from foreign exports or services, subject to FERA. Exempts every Indian company, except an investment company as defined in clause (ii) of section 109, from section 104 of the Income-tax Act for the previous year relevant to the assessment year commencing 1 April 1970 and thereafter, provided the company exports goods, undertakes construction or services abroad, or supplies technical know-how to foreign entities, with the related proceeds or income received in or brought into India under the Foreign Exchange Regulation Act, 1947, and such foreign-derived receipts amount to fifty per cent or more of the aggregate sale proceeds and gross receipts credited to the profit and loss account for the previous year.