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Consolidation of Accounts

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(Querist)
28 May 2011 whether consolidation of Accounts is mandatory under Income tax Act and if Yes then under which section or is there any requirement of LAW.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 May 2011 It is not mandatory under the Income TAx Act, as the approach to levy tax is based on a person. Every company is a different person.

However for the sake of better understanding you may follow the link-

https://www.caclubindia.com/forum/consolidation-of-accounts-127746.asp

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