https://www.taxtmi.com/acts?id=16327 Conversion of an Indian branch of a foreign banking company into an Indian subsidiary under an RBI scheme results in capital gains from the conversion not being chargeable to tax, subject to Central Government notified conditions; provisions on unabsorbed depreciation, set off and carry forward of losses, tax credit for deemed income and computation of income shall apply with specified exceptions. Failure to comply with scheme or notification conditions removes these benefits and permits re computation and amendment of assessments with section 154 applying as specified; notifications must be laid before Parliament. en-us Tue, 29 May 2012 12:38:50 +0530 Tue, 29 May 2012 12:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16327 Conversion of an Indian branch of a foreign banking company into an Indian subsidiary under an RBI scheme results in capital gains from the conversion not being chargeable to tax, subject to Central Government notified conditions; provisions on unabsorbed depreciation, set off and carry forward of losses, tax credit for deemed income and computation of income shall apply with specified exceptions. Failure to comply with scheme or notification conditions removes these benefits and permits re computation and amendment of assessments with section 154 applying as specified; notifications must be laid before Parliament. Act-Rules F. Acts / Amendment Acts Tue, 29 May 2012 12:38:50 +0530 https://www.taxtmi.com/acts?id=16327