https://www.taxtmi.com/caselaws?id=160360 A tax deferral benefit granted under a contractual scheme was held to depend on strict compliance with the agreement's terms. The prohibition on alienating fixed assets and the requirement of prior permission for disposal were enforced literally, and transfer of those assets to a newly incorporated subsidiary was treated as a breach despite common management or family control. The separate legal identity of the subsidiary was material, and the terms of the scheme could not be rewritten in favour of the assessee. The notices, rejection order, cancellation of the benefit, and recovery proceedings were upheld. en-us Wed, 17 Mar 1999 00:00:00 +0530 Mon, 16 Dec 2013 16:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160360 A tax deferral benefit granted under a contractual scheme was held to depend on strict compliance with the agreement's terms. The prohibition on alienating fixed assets and the requirement of prior permission for disposal were enforced literally, and transfer of those assets to a newly incorporated subsidiary was treated as a breach despite common management or family control. The separate legal identity of the subsidiary was material, and the terms of the scheme could not be rewritten in favour of the assessee. The notices, rejection order, cancellation of the benefit, and recovery proceedings were upheld. Case-Laws VAT and Sales Tax Wed, 17 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160360