Section 79 of the Income-Tax Act, 1961 – Remedial measure taken by Revenue’s since objections to Merger/Amalgamation/Demerger/Reconstruction Scheme of Companies not entertained by High Courts.

Section 79 of the Income-Tax Act, 1961 – Remedial measure taken by Revenue’s since objections to Merger/Amalgamation/Demerger/Reconstruction Scheme of Companies not entertained by High Courts. https://www.taxtmi.com/circulars?id=52769 Tax administration identified retrospective-dated amalgamation schemes designed to offset group losses against profits to the detriment of public revenue and experienced rejection of its court intervention for lack of locus standi. Consequently, the Ministry of Corporate Affairs directed Regional Directors to obtain and incorporate comments from the Income Tax Department on reconstruction or amalgamation proposals, inviting those comments within fifteen days, and required Commissioners of Income Tax to promptly transmit objections to the Regional Director for inclusion in responses to courts. en-us Fri, 11 Apr 2014 00:00:00 +0530 Mon, 14 Apr 2014 11:50:00 +0530 TaxTMI RSS Generator Section 79 of the Income-Tax Act, 1961 – Remedial measure taken by Revenue’s since objections to Merger/Amalgamation/Demerger/Reconstruction Scheme of Companies not entertained by High Courts. https://www.taxtmi.com/circulars?id=52769 Tax administration identified retrospective-dated amalgamation schemes designed to offset group losses against profits to the detriment of public revenue and experienced rejection of its court intervention for lack of locus standi. Consequently, the Ministry of Corporate Affairs directed Regional Directors to obtain and incorporate comments from the Income Tax Department on reconstruction or amalgamation proposals, inviting those comments within fifteen days, and required Commissioners of Income Tax to promptly transmit objections to the Regional Director for inclusion in responses to courts. Circulars Income Tax Fri, 11 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52769