https://www.taxtmi.com/caselaws?id=325512 The court dismissed the petitions seeking sanction of a de-merger scheme under Sections 391-394 of the Companies Act, 1956. It found that the company lacked a genuine pre-existing real estate division and that the scheme seemed designed to evade tax obligations, contrary to public interest and the Income Tax Act, 1961. The court emphasized its supervisory role to ensure fairness and legality, ultimately ruling against the petitioner company. en-us Fri, 12 Feb 2016 00:00:00 +0530 Mon, 21 Mar 2016 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325512 The court dismissed the petitions seeking sanction of a de-merger scheme under Sections 391-394 of the Companies Act, 1956. It found that the company lacked a genuine pre-existing real estate division and that the scheme seemed designed to evade tax obligations, contrary to public interest and the Income Tax Act, 1961. The court emphasized its supervisory role to ensure fairness and legality, ultimately ruling against the petitioner company. Case-Laws Companies Law Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325512