Whether an wholly owned indian subsidiary company of an an foreign company can be considered as an "agent" for the purpose of Section 172 of income tax act??????
2 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 06 December 2010
may be not because 172 applies to shipping business by a non resident , a private company wholly owne d by the foreign company is still a resident in India. Normal assessment techniques shall be applicable.
Though I am not sure about this. Please feel free to correct me
Thanks.
Naveen Gupta
(CA )
(123 Points)
Replied 06 December 2010
@ Praveen : First of all clear that Sec.172 is applicable to Non resident as well as its agent......
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