Income deemed to accrue or arise in India - “Foreign company engaged in the business of diamond mining” - Section 9(1)(i)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r arise in India. [Section 9(1)(i)] As per Explanation 1(e) of section 9(1)(i) Activities confined to display of rough diamonds in Special Notified Zones * In the case of a foreign company engaged in the business of mining of diamonds, * No income shall be deemed to accrue or arise in India to it through or from the activities which are confined to the display of uncut and unassorted diamond in any special zone notified by the Central Government in the Official Gazette in this behalf. Safe Harbour Rules for income referred to in Section 9(1)(i) chargeable to tax under the head "Profits and gains of business or profession, such option has been inserted vide Notification no. 124/2024 dated 29.11.2024, these rules is effective retrosp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... issued by the Kimberley Process authority in the exporting country; and (vi) falling under Tariff Heading 7102 of the First Schedule to the Customs Tariff Act, 1975. [ Rule 10TI(e) ] Condition to be fulfill for the opting the such option * Where the eligible assessee has exercised the option for safe harbour under rule 10TIB in respect of the eligible business in any relevant previous year and such option is not declared invalid under the said rule,- * not allowed any deduction - any deduction allowable under the provisions of sections 30 to 38 shall be deemed to have been already given full effect to and no further deduction under those sections shall be allowed; * the written down value of any asset of such business shall be de....