Reorganisation of SEZ entities requires prior approval and continuity as a going concern, with liabilities preserved and tax reporting. Reorganisation of SEZ developers, co-developers and units-including name change, shareholding change, business transfers and court approved mergers/demergers-requires prior approval (Board of Approval for developers; Approval Committee for units), the entity must continue as a going concern and must not exit the SEZ, and all liabilities remain unchanged. Reorganisation is subject to safeguards: continuity of SEZ activities and obligations; fulfilment of eligibility criteria and security clearances; compliance with revenue, company and securities laws on taxability and transfers; prompt reporting of financial details to CBDT and jurisdictional authority; Assessing Officer's right to tax assessment; and compliance with State laws and PAN/reporting requirements.
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Provisions expressly mentioned in the judgment/order text.
Reorganisation of SEZ entities requires prior approval and continuity as a going concern, with liabilities preserved and tax reporting.
Reorganisation of SEZ developers, co-developers and units-including name change, shareholding change, business transfers and court approved mergers/demergers-requires prior approval (Board of Approval for developers; Approval Committee for units), the entity must continue as a going concern and must not exit the SEZ, and all liabilities remain unchanged. Reorganisation is subject to safeguards: continuity of SEZ activities and obligations; fulfilment of eligibility criteria and security clearances; compliance with revenue, company and securities laws on taxability and transfers; prompt reporting of financial details to CBDT and jurisdictional authority; Assessing Officer's right to tax assessment; and compliance with State laws and PAN/reporting requirements.
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