Dear frnds,
Kindly tell me the implication of section 212 (2)(d) which says that where the financial year of subsi is shorter in duration than its holding co. then the financial year of subsi is taken to be two or more financial years duration of which is not less than the duration of its holding co. financial year.
Mine is a pvt. ltd. co., this time its financial year extends up to 15 months which ends in sept. 10 whereas duration of its subsi is 12 months ending in march 2010.
How can we take the two or more years of subsi co. ? Hwz is that possible....???
Kindly reply.
Regards,
Shridhi Jain
CAclubindia
