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Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The HC upheld the findings of the CIT(A) and ITAT that the transfer of divisions to two companies did not constitute a 'demerger' under Section 72A(4) of the IT Act. The court confirmed that for Section 72A(4) to apply, there must be a transfer of all assets and liabilities of the division to the resulting company, and consideration must be paid by share issuance to the shareholders of the demerged company. Here, only specified assets and liabilities were transferred, and consideration was paid in cash, approved under company law. Consequently, carry forward of business loss and unabsorbed depreciation was permitted, and no substantial question of law arose.
The HC upheld the findings of the CIT(A) and ITAT that the transfer of divisions to two companies did not constitute a 'demerger' under Section 72A(4) of the IT Act. The court confirmed that for Section 72A(4) to apply, there must be a transfer of all assets and liabilities of the division to the resulting company, and consideration must be paid by share issuance to the shareholders of the demerged company. Here, only specified assets and liabilities were transferred, and consideration was paid in cash, approved under company law. Consequently, carry forward of business loss and unabsorbed depreciation was permitted, and no substantial question of law arose.
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