https://www.taxtmi.com/caselaws?id=257882 The court sanctioned the scheme of amalgamation under Section 394 of the Companies Act, 1956, subject to conditions. It found that the Transferee was not the beneficial owner of shares as alleged, criticized the retrospective appointed date as a means to evade tax laws, and noted the Petitioners' suppression of material facts. The court directed that tax liabilities be determined by the Income Tax Department, which would not be bound by the scheme's appointed date for assessments. The Petitioners were also instructed to cover costs for the Regional Director and the High Court Legal Services Committee. en-us Thu, 19 Mar 2015 00:00:00 +0530 Wed, 25 Mar 2015 06:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257882 The court sanctioned the scheme of amalgamation under Section 394 of the Companies Act, 1956, subject to conditions. It found that the Transferee was not the beneficial owner of shares as alleged, criticized the retrospective appointed date as a means to evade tax laws, and noted the Petitioners' suppression of material facts. The court directed that tax liabilities be determined by the Income Tax Department, which would not be bound by the scheme's appointed date for assessments. The Petitioners were also instructed to cover costs for the Regional Director and the High Court Legal Services Committee. Case-Laws Companies Law Thu, 19 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257882