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2010 (12) TMI 1056 - GUJARAT HIGH COURTScheme of arrangement under sections 391 to 394 - scheme is nothing but a composite agreement between concerned parties to transfer the passive infrastructure assets without consideration by the transferor company to the transferee company – Held that:- Transaction may be held to be void under section 281 of the Income-tax Act and if it is so, the court will not exercise its jurisdiction, if any, to sanction a transaction which is pointed out to be void under law – entire tax payable on the market value of the assets to be transferred to Indus is sought to be evaded by the present scheme - stamp duty is sought to be evaded - No VAT shall be payable on the movable assets transferred under the scheme if the same is sanctioned under section 391 which otherwise would have been payable – Scheme cannot be sanctioned
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