Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
The HC dismissed the appeals and remitted the matter to the learned Company Judge for fresh determination of sanction under Sections 391-394 of the Companies Act. The Court recorded a factual dispute raised by an anonymized objector alleging non-receipt of notice and denial of opportunity of hearing, which the transferor company controverted on register/address grounds. As both parties agreed that consequential directions for re-evaluation of the share-exchange ratio were unnecessary, the HC directed the Company Judge to conclude the proceedings expeditiously, uninfluenced by prior interim directions, with liberty to re-evaluate the scheme, call for company and Registrar records if required, and grant or refuse sanction with or without modifications.
The HC dismissed the appeals and remitted the matter to the learned Company Judge for fresh determination of sanction under Sections 391-394 of the Companies Act. The Court recorded a factual dispute raised by an anonymized objector alleging non-receipt of notice and denial of opportunity of hearing, which the transferor company controverted on register/address grounds. As both parties agreed that consequential directions for re-evaluation of the share-exchange ratio were unnecessary, the HC directed the Company Judge to conclude the proceedings expeditiously, uninfluenced by prior interim directions, with liberty to re-evaluate the scheme, call for company and Registrar records if required, and grant or refuse sanction with or without modifications.
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