Conversion of an Indian branch of foreign company into subsidiary Indian company.

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....h situated in India and such branch is converted into a subsidiary Indian company as per the scheme framed by the Reserve Bank of India, then, irrespective of anything contained in this Act and subject to the conditions as may be notified by the Central Government,- (a) the capital gains arising from such conversion shall not be chargeable to tax in the tax year in which such conversion takes pl....

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.... been claimed and granted as per the provisions of sub-section (1) and, subsequently, there is failure to comply with any of the conditions specified in the scheme or in the notification issued under the said sub-section then,- (a) such benefit, exemption or relief shall be deemed to have been wrongly allowed; (b) the Assessing Officer may, irrespective of anything in this Act, re-compute the ....