https://www.taxtmi.com/caselaws?id=400362 The court found the writ petitions maintainable despite the availability of an alternate statutory appeal remedy, citing exceptions for issues like violation of natural justice. It held that the statement under Section 393 of the Companies Act forms part of the Scheme of Arrangement. The court determined that the Scheme of Arrangement is binding on statutory authorities and operates as a judgment in rem. The court rejected the classification of the Scheme as a 'demerger' for income tax purposes, directing the Assessing Authority to consider it otherwise. The writ petitions were allowed, assessment orders quashed, and Assessing Authority instructed accordingly. en-us Fri, 16 Oct 2020 00:00:00 +0530 Wed, 04 Nov 2020 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400362 The court found the writ petitions maintainable despite the availability of an alternate statutory appeal remedy, citing exceptions for issues like violation of natural justice. It held that the statement under Section 393 of the Companies Act forms part of the Scheme of Arrangement. The court determined that the Scheme of Arrangement is binding on statutory authorities and operates as a judgment in rem. The court rejected the classification of the Scheme as a 'demerger' for income tax purposes, directing the Assessing Authority to consider it otherwise. The writ petitions were allowed, assessment orders quashed, and Assessing Authority instructed accordingly. Case-Laws Income Tax Fri, 16 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400362