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2005 (4) TMI 9 - AUTHORITY FOR ADVANCE RULINGSWhether, when the applicant allots bonus redeemable preference shares to the existing equity shareholders, any income would accrue to the non resident equity shareholders being the allottees and therefore, the company is required to deduct tax at source – held that no income would accrue to the nonresident equity shareholders being the allottees and therefore the company is not required to deduct tax at source at this stage
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