Section 115JB doesn’t apply to foreign company

Advertisement ACIT Vs Credit Suisse AG (ITAT Mumbai) Held that accounts of foreign company are not prepared as per companies act and are not laid in Annual General Meeting before the shareholders of the company. Hence, provisions of section 115JB of the Income Tax Act cannot be made applicable to a foreign company. Facts- Ld. AO sought to invoke the provisions of Section 115JB of the Act as the assessee being a foreign company during the course of assessment proceedings. The assessee vide letter dated 06/11/2017 stated that CSSB and CSMB are both branch offices of CSAG (assessee herein) as ...