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TMI BlogRecommendations of the Public Accounts Committee contained in para 5.11 of their 119th Report.X X X X Extracts X X X X X X X X Extracts X X X X ..... eir 119th Report which reads as under:- "The Committee regard this as a typical case of avoidance of tax. By establishing a branch in a foreign country and treating it as a separate entity, the assessee firm had sought to reduce its income artificially in India and avoided tax on the foreign income. The Committee stress that the matter should be examined in all its aspects in consultation with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment may not be aware of their existence/liaision offices has been obtained from the Reserve Bank of India. The list is upto the period ending 30-9-1976, except in the case of Bombay where the up-to-date list has not been supplied (CsIT, Bombay should, therefore, obtain the latest list from the Reserve Bank of India, Central Office, Exchange Control Department, Bombay.) The relevant particula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, is indicated below :- (i) Opening of a branch office:- All applications from private parties for opening offices abroad are dealt with by the Reserve Bank of India direct. Certain objective criteria have been laid down in this behalf to enable the Reserve Bank of India to consider such applications. In all cases, where permission is granted to open an office, the parties are advised that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Foreign Exchange Regulation Act, 1973, in as much as all applications for floatation of subsidiaries are statutorily required to be cleared by the Government u/s 27 of the said Act. During the last 3/4 years, no approval for setting up of any subsidiary company has been given but in cases where approval had been given in the past, necessary follow-up action is taken by the Reserve Bank as in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation would be sent to the Board. Such intimations would be communicated to the Commissioners of Income-tax concerned for necessary action. 5. It is requested that detailed facts of cases involving escapement of income, detected as a result of enquiries now made on the basis of present instructions, should be reported to the Board by 30-6-1977 positively. - Circular - Trade Notice - Public Not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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