https://www.taxtmi.com/acts?id=16592 Conversion of an Indian branch of a foreign bank into an Indian subsidiary under a Reserve Bank of India scheme results in capital gains on conversion not being chargeable to tax, and subjects treatment of unabsorbed depreciation, set-off and carry forward of losses, tax credit for deemed income, and computation of income for the foreign company and the Indian subsidiary to exceptions, modifications and adaptations notified by the Central Government; failure to comply with scheme conditions cancels these benefits and permits reassessment and amendment of prior-year income. en-us Thu, 31 May 2012 11:33:32 +0530 Thu, 28 Aug 2025 14:37:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16592 Conversion of an Indian branch of a foreign bank into an Indian subsidiary under a Reserve Bank of India scheme results in capital gains on conversion not being chargeable to tax, and subjects treatment of unabsorbed depreciation, set-off and carry forward of losses, tax credit for deemed income, and computation of income for the foreign company and the Indian subsidiary to exceptions, modifications and adaptations notified by the Central Government; failure to comply with scheme conditions cancels these benefits and permits reassessment and amendment of prior-year income. Act-Rules Income Tax Thu, 31 May 2012 11:33:32 +0530 https://www.taxtmi.com/acts?id=16592