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Sum paid to Foreign Bank for rendering financial service to raise capital through GDRs not liable to tax as 'FTS'

July 12, 2019[2019] 106 343 (Bombay)/[2019] 264 Taxman 190 (Bombay)/[2019] 415 ITR 115 (Bombay)

INTERNATIONAL TAXATION : Amount paid by assessee to a foreign bank for rendering financial services in order to raise capital abroad through issuance of Global Depository Receipts ('GDRs'), was not liable to tax in India as fee for technical services

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