https://www.taxtmi.com/caselaws?id=68118 A court-sanctioned composite scheme can constitute an amalgamation under the Income-tax Act where the transferor company's remaining business, along with all assets and liabilities, is transferred to the transferee company and the statutory shareholding condition is met. The legal effect of such a sanctioned scheme is not displaced by a mere allegation of tax avoidance when no contrary finding shows that any asset or liability was left outside the transfer and the scheme records dissolution without winding up. On that basis, the tax consequences flowing from the amalgamation, including relief linked to transfer of assets and liabilities, follow the sanctioned arrangement. en-us Thu, 09 Apr 2009 00:00:00 +0530 Wed, 16 Mar 2011 18:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68118 A court-sanctioned composite scheme can constitute an amalgamation under the Income-tax Act where the transferor company's remaining business, along with all assets and liabilities, is transferred to the transferee company and the statutory shareholding condition is met. The legal effect of such a sanctioned scheme is not displaced by a mere allegation of tax avoidance when no contrary finding shows that any asset or liability was left outside the transfer and the scheme records dissolution without winding up. On that basis, the tax consequences flowing from the amalgamation, including relief linked to transfer of assets and liabilities, follow the sanctioned arrangement. Case-Laws Income Tax Thu, 09 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68118