Body corporate u/s 2(17)

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.... in paragraphs 29 and 30 of the Board's Circular No.72 of 1971. In this connection, the following further points should be noted. 2(a) U/s. 2(17)(ii), any body corporate incorporated by or under the laws of a country outside India is to be treated as a company for any assessment year commencing on or after 1-4-71 and no declaration from the Board to that effect is required. b) A declaration ....

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....nter alia, the earliest assessment year from which the applicant-assessee has become liable to tax in India and the various sources of income. Sometimes, applications are made for declaration as a company only for a few specified assessment years. In such cases, it has to be ensured that the status of company sought only for some years is not used as a means of avoiding the payment of higher tax t....