https://www.taxtmi.com/circulars?id=8823 Foreign associations assessable as 'companies' must meet all three cumulative tests in Section 2(18)(b): (1) equity shares carrying not less than fifty per cent of voting power allotted to or beneficially held by the public (including abroad) throughout the relevant year; (2) shares dealt in on a recognised Indian stock exchange during the year or freely transferable to the public; and (3) at no time were the company's affairs or shares carrying more than fifty per cent voting power controlled or held by five or fewer persons. Tax officers must verify compliance and may accept chartered accountant certificates subject to checks. en-us Thu, 03 Feb 1972 00:00:00 +0530 Fri, 27 May 2011 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8823 Foreign associations assessable as 'companies' must meet all three cumulative tests in Section 2(18)(b): (1) equity shares carrying not less than fifty per cent of voting power allotted to or beneficially held by the public (including abroad) throughout the relevant year; (2) shares dealt in on a recognised Indian stock exchange during the year or freely transferable to the public; and (3) at no time were the company's affairs or shares carrying more than fifty per cent voting power controlled or held by five or fewer persons. Tax officers must verify compliance and may accept chartered accountant certificates subject to checks. Circulars Income Tax Thu, 03 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8823