Exclusion of assets and debts outside India

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..... rdinarily resident in India, or of a company not resident in India during the year ending on the valuation date (i) the value of the assets and debts located outside India ; and (ii) the value of the assets in India represented by any loans or debts owing to the assessee in any case where the interest, if any, payable on such loans or debts is not to be i .....

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..... ed in his total income under 5 [sub-clause (ii) of clause (4)] of section 10 of the Income-tax Act , the provisions of this section shall, in relation to such asset, apply subject to the modification that the reference in this section to an individual not resident in India shall be construed as a reference to a person resident outside India as defined in clause (q) of section 2 6 of the F .....

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..... 65. 4. Inserted by the Finance Act, 1982, w.e.f. 1-4-1982. 5. Substituted vide the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Before it was read as;- "clause (4A)" 6. Clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973, defines "person resident outside India" as follows: (q) "person resident outside India" means a person who is not resident in India ; .....

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