Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
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Arguments<br />
Assessee’s arguments<br />
The assessee submitted that it would<br />
be <strong>in</strong>appropriate to read only clause<br />
(ii) <strong>of</strong> section 2(17) without conider<strong>in</strong>g<br />
the open<strong>in</strong>g l<strong>in</strong>es <strong>of</strong> section 2 for the<br />
purpose <strong>of</strong> sec. 115JB.<br />
Department’s arguments<br />
There is no demarcation as such<br />
between a “domestic company” and a<br />
“foreign company”. The provisions<br />
applies to foreign company as well.<br />
The obligation <strong>in</strong> sec. 115JA(2) to<br />
prepare P&L Account <strong>in</strong> accordance<br />
with Parts II and III <strong>of</strong> Schedule VI<br />
can apply only to a foreign company<br />
which has a place <strong>of</strong> bus<strong>in</strong>ess with<strong>in</strong><br />
India.<br />
Even though it is not obligatory, it is<br />
not that the appellant cannot prepare<br />
its accounts for its operations <strong>in</strong><br />
India as per Parts II & III <strong>of</strong> Schedule<br />
VI <strong>of</strong> the Companies Act.<br />
August, 2011<br />
CA Sanjeev Lalan, S<strong>in</strong>grodia Goyal & Co.<br />
Presentation at JB Nagar CPE Study Circle<br />
13
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