TMI BlogAmendment of section 9X X X X Extracts X X X X X X X X Extracts X X X X ..... of all the assets owned by the company or entity, as the case may be; (b) the value of an asset shall be the value as on the specified date, of such asset without reduction of liabilities, if any, in respect of the asset, determined in such manner as may be prescribed; (c) specified date means the- (i) date on which the accounting period of the company or, as the case may be, the entity ends preceding the date of transfer of a share or an interest; or (ii) date of transfer, if the book value of the assets of the company or, as the case may be, the entity on the date of transfer exceeds the book value of the assets as on the date referred to in sub-clause (i), by fifteen per cent.; (d) accounting period means each period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectly owns the assets situated in India and the transferor (whether individually or along with its associated enterprises), at any time in the twelve months preceding the date of transfer, neither holds the right of management or control in relation to such company or entity, nor holds voting power or share capital or interest exceeding five per cent. of the total voting power or total share capital or total interest, as the case may be, of such company or entity; or (ii) if such company or entity indirectly owns the assets situated in India and the transferor (whether individually or along with its associated enterprises), at any time in the twelve months preceding the date of transfer, neither holds the right of management or control i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nking, any interest payable by the permanent establishment in India of such non-resident to the head office or any permanent establishment or any other part of such non-resident outside India shall be deemed to accrue or arise in India and shall be chargeable to tax in addition to any income attributable to the permanent establishment in India and the permanent establishment in India shall be deemed to be a person separate and independent of the non-resident person of which it is a permanent establishment and the provisions of the Act relating to computation of total income, determination of tax and collection and recovery shall apply accordingly; (b) permanent establishment shall have the meaning assigned to it in clause (iiia) of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses,-- (i) neither holds the right of management or control; (ii) nor holds voting power or share capital or interest exceeding five per cent. of the total voting power or total share capital, in the foreign company or entity directly holding the Indian assets (direct holding company); (b) he along with its associate enterprises, in case of the transfer of shares or interest in a foreign entity which does not hold the Indian assets directly,-- (i) neither holds the right of management or control in relation to such company, as the case may be, or the entity; (ii) nor holds any rights in such company which would entitle it to either exercise control and management of the direct holding company or entitle it to voting power exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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