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1995 (8) TMI 305 - AAR - Income TaxWhether the applicant will not be liable to pay income-tax in India on the income from the three categories of assets set out in the question? Whether the interest on the fixed deposit will be liable to income-tax in India if it is received, or the right to receive it is exercised, in India? Whether if the factual foundations mentioned in the question are fulfilled, the transaction will not attract any income-tax in India? Whether no income-tax will be payable in India on the interest from the fixed deposits with the State Bank of India and the Indian Bank for any assessment year if, in respect of the relevant assessment year, the conditions set out in section 10(4)(ii) of the Income-tax Act, 1961, are fulfilled? Whether the income from the units of the Unit Trust of India [item (d) in paragraph 7 of annexure “I”] will be exempt if the units had been acquired out of funds in a non-resident (external) account with any bank in India or out of funds remitted to India in foreign exchange in accordance with the provisions of the Foreign Exchange Regulation Act, 1973, and the rules and orders made thereunder? Whether the interest on the fixed deposit with Lloyds Finance in India [item (e) in paragraph 7 of annexure “I”] will not be exempt from tax in India but the applicant can avail of a concessional rate of 20 per cent. on the gross amount of the interest under sections 115D and 115E read with section 115H on complying with the procedural requirements of section 115H?
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