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2011 (5) TMI 342 - AAR - Income TaxDTAA between India and USA - discounting of the bills of exchange or promissory notes or on their maturity or on rediscounting thereof - No PE - Held that: Discounting of a bill of exchange or promissory note being a purchase of the instrument as it were and especially when it is discounted without recourse - the income of the applicant from discounting would not be taxed in India, on the case set out by the applicant in the light of Article 7 of DTAA.
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