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Income Tax

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(Querist)
24 January 2011 There are three companies: Company A, B and C

Company A and B are sister concern (Company A is Holding Company)

Company A require to pay Company C a sum of Rs 1 lac

Company C require to pay Company B a sum of Rs 1 lac


Can Company A take the stand that there is no liability of Company A to pay to Company C since Company C is under obligation to pay the same amount to Company B, which is subsidiary of Company A.
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CA Jeen paul

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CA Jeen paul (Expert)
25 January 2011 for the purpose of consolidation of financial statements, the liability will be settled. in practical ,the laibily in opinion , can not be settled because all the 3 companies are seperate entity evenif they are related
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 January 2011 In my view, at the consolidation stage also
C should be shown as Debtor and Creditor separately, as C is not a group company.
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