Interest income earned by NR on FCCB not taxable in India when borrowed sum was utilised outside India

IT/ILT: Where assessee, a non-resident, earned interest income on FCCBs issued by an Indian company abroad, in view of fact that entire proceeds of FCCBs had been utilised by Indian company in said country for repayment of an acquisition facility, interest income in question was not liable to tax in India as per exception carved out in section 9(1)(v)(b)

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