Related Party Transaction
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2011
Company X is a foreign company having CONTROL over Company Y and Company Z. Company Y and Company Z are Indian companies. So whether any transaction between company Y and Company Z is to be treated as related party transaction u/s 40A(2)(b)? Should this be reported in Form 3CD?
Please let me know with this and if possible with a proper proof (Urgent)
Please let me know with this and if possible with a proper proof (Urgent)
26 February 2011
I think Yes,because Company X, Y, Z are directly related as Company X has control over Company Y & Z
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2011
Even I think the same, by the way don't you think this is covered in section 40A(2)(b)(v) which says
"a company, firm, association of persons or Hindu undivided family of which a director, partner or member, as the case may be, has a substantial interest in the business or profession of the assessee; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member"
"a company, firm, association of persons or Hindu undivided family of which a director, partner or member, as the case may be, has a substantial interest in the business or profession of the assessee; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member"
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