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The predicament arises when the turnover of both the buyer and seller exceeds Rs 10 crores and both are liable to comply under their respective provisions; as the sale and purchase are flipsides of a transaction.
Few weeks ago, RBI capped the cash withdrawal on Yes Bank Deposits due to an alarming cash crunch in the bank. It did make us think - are our deposits safe?
The Advance Ruling Mechanism was incorporated under Income Tax Act on the recommendations of Wanchoo Committee.
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