Meaning of “Income so received”

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.

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