https://www.taxtmi.com/caselaws?id=216072 An advance ruling application based on a transaction structured to circumvent SEBI's public-interest guidelines could be declined. The Authority treated Clause 2.6.1 of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 as a safeguard against public issues burdened by outstanding rights to receive equity after an IPO, and found the arrangements were designed to avoid an allotment obligation while facilitating the public issue. It held that, even apart from the proviso to Section 245R(2) of the Income-tax Act, 1961, it retained discretion to refuse a ruling in an appropriate case. Accordingly, the application was not entertained. en-us Mon, 27 Aug 2012 00:00:00 +0530 Wed, 29 Aug 2012 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216072 An advance ruling application based on a transaction structured to circumvent SEBI's public-interest guidelines could be declined. The Authority treated Clause 2.6.1 of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 as a safeguard against public issues burdened by outstanding rights to receive equity after an IPO, and found the arrangements were designed to avoid an allotment obligation while facilitating the public issue. It held that, even apart from the proviso to Section 245R(2) of the Income-tax Act, 1961, it retained discretion to refuse a ruling in an appropriate case. Accordingly, the application was not entertained. Case-Laws Income Tax Mon, 27 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216072