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Overseas subsidiary with single shareholder is a separate legal entity for tax purposes
Case Law Details
- Case Name
- AIA Engineering Ltd Vs. Add CIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- All ITAT, ITAT Ahmedabad
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AIA Engineering Ltd Vs. Add CIT (ITAT Ahmedabad)– It was held that investment made by AIA Engineering Limited (AIA India or the assessee) in Vega Industries (Middle East) FZE (Vega UAE) shall not be treated as investment in a proprietary concern of AIA India though Vega UAE had no other shareholder.Vega UAE is considered to be established as an independent corporate entity with separate financial liability from those of its owner in accordance with the memorandum of incorporation and the only situation where the owner will be treated as personally responsible is regarding the omission ...
