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Report No. 12

Chapter X

Provisions against Avoidance of Tax

95. Certain transactions with non-residents.-

Where business is carried on between a resident and a non-resident.and it appears to the Income-tax Officer, that owing to the close connection between them, the course of business is so arranged that the business transacted between them produces to the resident either no profits or less than the ordinary profits which might be expected to arise in that business, the Income-tax Officer shall determine the amount of profits.which may reasonably be deemed to have been derived therefrom and include such amount in the total income of the resident.

Explanation.-For the purposes of this section, "non-resident" includes a person who is not ordinarily resident within the meaning of section 6, clause (6) [4B].

[Section 42(2)]

Income-Tax Act, 1922 Back

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