Income payable "net of tax"
In a case other than that referred to in sub-section (1A) of section 192
, where under an agreement or other arrangement, the tax
chargeable on any income
referred to in the foregoing provisions of this Chapter is to be borne by the person
by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased to such amount as would, after deduction of tax thereon at the rates in force for the financial year in which such income is payable, be equal to the net amount payable under such agreement or arrangement.