‘DCA. — Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head “Profits and gains of business or profession”

Definitions.–– 10TI. For the purposes of this rule and rule 10TIA to rule 10TIC,—

a.   “eligible assessee” means a foreign company engaged in the business of  diamond mining which has exercised an option for application of safe harbour rules in accordance with rule 10TIA;

b.   “eligible business” means a business of selling raw diamonds in any notified special zone as referred to in clause (e) of Explanation 1 to clause (i) of sub-section (1) of section 9;

c.   “gross receipts” means the aggregate of ^__

i.   the amount paid or payable to the eligible assessee or to any person on his behalf on account of sale of raw diamonds by such eligible assessee; and

ii.   the amount received or deemed to be received by the eligible assessee or by any person on his behalf on account of sale of raw diamonds by such eligible assessee;

d.   "relevant previous year" means the previous year relevant to the assessment year in which the option for safe harbour is exercised;

e.   “raw diamonds” means diamonds that are,–

i.   uncut or unpolished;

ii.   unassorted;

iii.  unworked or simply sawn, cleaved or bruted;

iv.   not conflict diamonds as defined by the Kimberley Process;

v.   accompanied by Kimberley Process Certificate issued by the Kimberley Process authority in the exporting country; and

vi   falling under Tariff Heading 7102 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).