An authorized dealer is liable to deduct tax as per section 204(iia)

An authorized dealer is liable to deduct tax as per section 204(iia) only if foreign exchange asset sold by it is a long term capital asset.


Special provisions having been made in clause (iia) of section 204 to cover a specific fact-situation, it will override the general provision made in clause (iii) of section 204 - [2010] 8 TAXMANN.COM 166 (MUM. - ITAT)