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2009 (1) TMI 80 - HC - Income TaxInterpretation of S. 5 (2) – liability to assessment - Assessees, non-residents had subscribed to debentures issued by M/s O – claim of the assessees is that the income of interest on debentures should be assessed on receipt basis, and not on accrual basis - Tribunal was right to hold that income from interest on debentures which was a “foreign exchange asset” was assessable on accrual basis and not on receipt basis – held that non-resident is assessable on income which has accrued to him
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