Meaning of tax terms

Meaning of “Income so received”

Posted on by Prashant Thakur

Case Name : Petroleum India International Vs. Dy. CIT

Citation :[1999] 71 ITD 31 (MUM.-TRIB.) (SB)

Court : ITAT-Mumbai

Section : 80-O

Meaning : Income so received’ occurring in section 80-o of the income-tax act, 1961 means net income derived from the specified source subject to the condition that the income is received in india in convertible foreign exchange.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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