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2022 (7) TMI 1159 - HC - Income TaxAddition u/s 68 - approved scheme of Amalgamation - whether the scheme of amalgamation which was approved by this Court could be stated to be a scheme which was floated by the assessee with the sole object of avoidance of income tax - HELD THAT:- As confirmed in Vodafone Essar Gujarat Ltd. [2012 (9) TMI 100 - GUJARAT HIGH COURT] in case the Scheme is sanctioned, it may result into tax avoidance on the part of the appellant, but it is required to be noted that even if the ultimate effect of the Scheme may result into some tax benefit or even if it is framed with an object of saving tax or it may result into tax avoidance, it cannot be said that the only object of the Scheme is ‘tax avoidance’. Considering the various clauses of the Scheme, it is not possible for us to come to a conclusion that the Scheme is floated with the sole object of tax avoidance. - Decided against revenue.
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