(2)A broker in India who, in respect of any transactions, does not deal directly with or on behalf of a non-resident principal but deals with or through a non-resident broker shall not be deemed to be an agent under this section in respect of such transactions, if the following conditions are fulfilled:—(a)the transactions are carried on in the ordinary course of business through the first-mentioned broker; and(b)the non-resident broker is carrying on such transactions in the ordinary course of his business and not as a principal.
