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TMI BlogAmendment of section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... ion .-For the purpose of this clause,- (a) the expression significant influence means control of at least twenty per cent. of total voting power, or control of or participation in business decisions under an agreement; (b) the expression joint venture means a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d subsidiary , the words or associate company shall be inserted; (v) in clause (46), the following Explanation shall be inserted, namely:- 'Explanation.-For the purposes of this clause, the expression company includes any body corporate;'; (vi) clause (49) shall be omitted; (vii) in clause (51),- (a) in sub-clause (iv), the word and shall be omitted; (b) for sub-cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-clause shall be substituted, namely:- (viii) any body corporate which is- (A) a holding, subsidiary or an associate company of such company; (B) a subsidiary of a holding company to which it is also a subsidiary; or (C) an investing company or the venturer of the company; ; Explanation. -For the purpose of this clause, the investing company or the venturer of a company me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 91) turnover means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year;'. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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