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of <h1>MCA Circular 1/2014: Income Tax Department Must Comment on Company Amalgamations to Prevent Revenue Loss.</h1> The circular addresses concerns under Section 79 of the Income-Tax Act, 1961, regarding schemes of company amalgamation designed to offset losses against profits, potentially defrauding public revenue. A recent case highlighted that the Income Tax Department's objections to such schemes were dismissed by the High Court due to lack of standing. Consequently, the Ministry of Corporate Affairs (MCA) issued Circular No 1/2014, instructing Regional Directors to seek input from the Income Tax Department on company reconstructions or amalgamations. The Department must promptly provide comments to the Regional Director, MCA, to include in court responses, ensuring schemes do not harm public interest.
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