Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2021 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (12) TMI 192 - Tri - Companies LawSanction of scheme of Amalgamation of the Transferor and Transferee Companies - section 233 of the Companies At, 2013 - HELD THAT:- The judgement of the Supreme Court in the case Vodafone Essar Gujarat Limited and another [2015 (8) TMI 475 - SC ORDER], makes it clear that even if the scheme of amalgamation is evolved to save income tax, it cannot be said that the only object of the scheme was tax avoidance. The scheme of amalgamation may consequently result in some tax benefit to the Petitioner Companies. Only on that ground, going by the spirit of the above cited judgement, it cannot be said that the Scheme of Amalgamation is impermissible. The Scheme also clarifies that all the taxes and duties payable by the 1st and 2nd transferor companies from the appointed date onwards including all or as any refund and claim shall for all purposes be treated as the tax and/or duty liabilities or refunds and claims of the transferee and upon the scheme becoming effective, the transferee company is expressly permitted to file its respective income tax, sales tax etc., and any other return to claim refunds. There are no reason to deprive the Petitioner Companies of the benefit of amalgamating the transferor and transferee companies which is intended for the beneficial growth of the Companies - petition disposed off.
|