https://www.taxtmi.com/caselaws?id=65567 Residence of a foreign company under section 6(3)(ii) turns on whether control and management of its affairs is situated wholly in India. On the facts, incorporation in Singapore, board meetings there, maintained banking and statutory records, and a Singapore tax residency certificate showed effective control outside India, while Indian shareholding and investments were insufficient to prove central control in India; the company was therefore treated as non-resident. That finding removed the for the section 68 cash-credit addition, which was not sustainable. The write-off of unquoted investment was, however, sustained because the underlying investment income was not taxable in India on the facts found. en-us Thu, 31 May 2007 00:00:00 +0530 Sat, 10 Feb 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65567 Residence of a foreign company under section 6(3)(ii) turns on whether control and management of its affairs is situated wholly in India. On the facts, incorporation in Singapore, board meetings there, maintained banking and statutory records, and a Singapore tax residency certificate showed effective control outside India, while Indian shareholding and investments were insufficient to prove central control in India; the company was therefore treated as non-resident. That finding removed the for the section 68 cash-credit addition, which was not sustainable. The write-off of unquoted investment was, however, sustained because the underlying investment income was not taxable in India on the facts found. Case-Laws Income Tax Thu, 31 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65567