Whether an wholly owned indian subsidiary company of an an foreign company can be considered as an "agent" for the purpose of Section 172 of income tax act??????
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Income Tax Query
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may be not because 172 applies to shipping business by a non resident , a private company wholly owne d by the foreign company is still a resident in India. Normal assessment techniques shall be applicable.
Though I am not sure about this. Please feel free to correct me
Thanks.
@ Praveen : First of all clear that Sec.172 is applicable to Non resident as well as its agent......
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