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2005 (2) TMI 20 - AUTHORITY FOR ADVANCE RULINGSApplicant, tax resident of UK is registered in India as a Foreign Institutional Investor (FII) with the SEBI - applicant, as trustee of Universities Superannuation Scheme, a FII will not be entitled to opt out of the provisions of section 115AD which deal with the taxability of the income earned by a FII, and cannot claim to be covered by s. 48 r.w.s. 112 together with indexation provisions for computing capital gains/losses arising to it from its investment activities in India.
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