TMI BlogInsertion of new Chapter XII-BC- Foreign company said to be resident in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... Y SAID TO BE RESIDENT IN INDIA Foreign company said to be resident in India 115JH. (1) Where a foreign company is said to be resident in India in any previous year and such foreign company has not been resident in India in any of the previous years preceding the said previous year, then, notwithstanding anything contained in this Act and subject to the conditions as may be notified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r before the date on which such assessment proceeding is completed. (2) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company in accordance with the provisions of sub-section (1), and, subsequently, there is failure to comply with any of the conditions specified in the notification issued under sub-section (1), then,- (i) such benefit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w Chapter XII-BC in the Income-tax Act on special provisions relating to foreign company said to be resident in India. Sub-section (1) of the proposed new section 115JH provides that where a foreign company is said to be resident in any previous year and such foreign company has not been resident in India in any of the preceding previous year, then, the provisions of the Income-tax Act relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed section provides that on failure to comply with the conditions provided in the notification issued under sub-section (1), the provisions of the Income-tax Act shall apply without any modification and the necessary rectification may be undertaken by the Assessing Officer and the period of four years shall be available for such rectification from the date of failure. Sub-section (3) of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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