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TMI BlogRecommendations of the Public Accounts Committee.X X X X Extracts X X X X X X X X Extracts X X X X ..... nch in a foreign country and treating it as a separate entity, the assessee firm had sought to reduce its income artificially in India and avoided tax on the foreign income. The Committee stress that the matter should be examined in all its aspects in consultation with the Ministry of Law and the loophole, if any, in the Act plugged." 2. In pursuance of the recommendations of the Committee all th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period ending 30-9-1976, except in the case of Bombay where the up-to-date list has not been supplied (CsIT, Bombay should, therefore, obtain the latest list from the Reserve Bank of India, Central Office, Exchange Control Department, Bombay.) The relevant particulars relating to your charge are indicated at Annexure 'A'. You are requested to ensure that the assessments of these Indian compani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alt with by the Reserve Bank of India direct. Certain objective criteria have been laid down in this behalf to enable the Reserve Bank of India to consider such applications. In all cases, where permission is granted to open an office, the parties are advised that the profits, if any, after meeting the expenses, should be repatriated to India and they are required to submit quarterly statements of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cleared by the Government u/s 27 of the said Act. During the last 3/4 years, no approval for setting up of any subsidiary company has been given but in cases where approval had been given in the past, necessary follow-up action is taken by the Reserve Bank as in the case of overseas branches of Indian companies/firms. Thus, approval of the Government of India is an essential pre-requisite in all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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