Section 48: Protected cell company

48. Protected cell company (1) Where a protected cell company makes an election under the Companies Act to present separate financial statements in respect of each of its cells, every cell of that company shall be deemed to be an entity separate from the [Issue 7] I5 – 34 Revised Laws of Mauritius protected cell company and other cells of the protected cell company and shall be liable to income tax in respect of its own income. (2) Where a cell of a protected cell company owes income tax under this Act, the Director-General may, for the recovery of the income tax due, have recourse to cellular assets as well as non-cellular assets of the protected cell company. [S. 48 repealed by s. 18 (r) of Act 15 of 2006 w.e.f. 1 July 2007; inserted by s. 8 of Act 37 of 2011 w.e.f. 1 January 2013.]