https://www.taxtmi.com/caselaws?id=415426 A scheme of amalgamation under Section 233 of the Companies Act, 2013 was treated as maintainable where notice was issued to the concerned authorities and creditors had approved the proposal, and the objection that the matter had to proceed under Sections 230 and 232 was found untenable. The Income Tax Department's challenge, based on alleged tax avoidance from reserves and surplus, was rejected because amalgamation transfers both assets and liabilities to the transferee company, and incidental tax benefit does not by itself invalidate the scheme. The amalgamation was therefore sanctioned, with statutory requirements relating to stamp duty, taxes, permissions and other compliances preserved. en-us Thu, 11 Nov 2021 00:00:00 +0530 Sat, 04 Dec 2021 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415426 A scheme of amalgamation under Section 233 of the Companies Act, 2013 was treated as maintainable where notice was issued to the concerned authorities and creditors had approved the proposal, and the objection that the matter had to proceed under Sections 230 and 232 was found untenable. The Income Tax Department's challenge, based on alleged tax avoidance from reserves and surplus, was rejected because amalgamation transfers both assets and liabilities to the transferee company, and incidental tax benefit does not by itself invalidate the scheme. The amalgamation was therefore sanctioned, with statutory requirements relating to stamp duty, taxes, permissions and other compliances preserved. Case-Laws Companies Law Thu, 11 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415426