https://www.taxtmi.com/caselaws?id=37018 Explanation II to Paragraph D of Part II of the First Schedule to the Finance (No. 2) Act, 1962 operates as an exhaustive definition of "subsidiary company" for super-tax rebate purposes. The phrase "deemed to be" does not make it a mere aid to the Companies Act, 1956 definition, and the broader Companies Act concept of indirect holding cannot be imported. The rebate therefore depends on direct holding of more than half in nominal value of the equity share capital under the Finance Act itself, so the higher rebate was not available on dividends from the two companies. en-us Mon, 19 Feb 1979 00:00:00 +0530 Fri, 26 Mar 2010 10:30:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37018 Explanation II to Paragraph D of Part II of the First Schedule to the Finance (No. 2) Act, 1962 operates as an exhaustive definition of "subsidiary company" for super-tax rebate purposes. The phrase "deemed to be" does not make it a mere aid to the Companies Act, 1956 definition, and the broader Companies Act concept of indirect holding cannot be imported. The rebate therefore depends on direct holding of more than half in nominal value of the equity share capital under the Finance Act itself, so the higher rebate was not available on dividends from the two companies. Case-Laws Income Tax Mon, 19 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37018