https://www.taxtmi.com/caselaws?id=214943 A scheme of arrangement and amalgamation was upheld despite objections that it was a colourable device for tax avoidance. Applying the principles in Azadi Bachao Andolan and Vodafone International Holdings, the Court treated legitimate tax planning and bona fide corporate restructuring as permissible, and rejected the contention that tax motive alone rendered the transaction non est. The Court also negatived objections on locus of the income tax authority, alleged expiry of the scheme, authorisation for filing affidavits, valuation, disclosure, and SEBI takeover concerns, and found the scheme lawful and proper for sanction. en-us Thu, 12 Jul 2012 00:00:00 +0530 Thu, 07 Dec 2017 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214943 A scheme of arrangement and amalgamation was upheld despite objections that it was a colourable device for tax avoidance. Applying the principles in Azadi Bachao Andolan and Vodafone International Holdings, the Court treated legitimate tax planning and bona fide corporate restructuring as permissible, and rejected the contention that tax motive alone rendered the transaction non est. The Court also negatived objections on locus of the income tax authority, alleged expiry of the scheme, authorisation for filing affidavits, valuation, disclosure, and SEBI takeover concerns, and found the scheme lawful and proper for sanction. Case-Laws Companies Law Thu, 12 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214943