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2015 (3) TMI 114 - DELHI HIGH COURTApplication for proposed Scheme of Arrangement under Section 391 & 394 of the Companies Act, 1956 - Objection from Income Tax Authorities - Addition of income matter pending with CIT(A) - Allow to collect future demand from the new companies - Held that:- It is directed that Income Tax Department is permitted to restrain its resource for recovery of any existing or future tax liabilities of Demerged or Resulting Companies, under the proposed scheme irrespective of the sanction of the Scheme. The sanction of the Scheme would not affect the powers of the Income Tax Department for recovery, including imposition of penalties etc. as permissible under law, irrespective of the sanction of the scheme.It is clarified that the approval of the Scheme, would in no manner affect the tax treatments of the transactions under the Income Tax Act, 1961 or any other applicable taxing statute, nor would the sanction of the Scheme serve as a defence for the petitioners against tax treatment under the above mentioned statutes. In view of the approval accorded by the Shareholders of the Petitioner Company; representation/reports filed by the Regional Director, Northern Region, attached with this Court to the proposed Scheme of Arrangement, there appears to be no impediment to the grant of sanction to the Scheme of Arrangement. Consequently, sanction is hereby granted to the Scheme of Amalgamation under sections 391 and 394 of the Companies Act, 1956.- Scheme of arrangement approved.
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