https://www.taxtmi.com/news?id=48 The term wholly owned subsidiary is not defined in the Companies Act, 1956 or other statutes for advance rulings; because absolute 100% ownership is not feasible under the Companies Act, the Advance Ruling Authority applied a functional approach, requiring an overwhelming majority shareholding by the holding company-a near-total parental stake short of absolute totality-to treat an entity as a wholly owned subsidiary for advance ruling purposes. en-us Mon, 04 Jun 2007 15:14:00 +0530 Wed, 25 Jun 2008 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=48 The term wholly owned subsidiary is not defined in the Companies Act, 1956 or other statutes for advance rulings; because absolute 100% ownership is not feasible under the Companies Act, the Advance Ruling Authority applied a functional approach, requiring an overwhelming majority shareholding by the holding company-a near-total parental stake short of absolute totality-to treat an entity as a wholly owned subsidiary for advance ruling purposes. News - Mon, 04 Jun 2007 15:14:00 +0530 https://www.taxtmi.com/news?id=48