(3)[ A company is said to be resident in India in any previous year, if -(i)it is an Indian company; or(ii)its place of effective management, in that year, is in India.Explanation. - For the purposes of this clause "place of effective management" means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole, are in substance made.] [Substituted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.]
