https://www.taxtmi.com/caselaws?id=425604 Approved amalgamation schemes are not treated as colourable devices merely because they produce tax consequences; absent material showing the scheme was devised solely for tax avoidance, the revenue cannot sustain an addition under section 68. The appellate authorities and Tribunal found no evidence that the amalgamation was tax-driven, and the approved scheme itself negatived any such inference. As the identity, creditworthiness and genuineness requirements were not established to support the addition, the deletion of the section 68 addition was upheld and no substantial question of law arose. en-us Fri, 15 Jul 2022 00:00:00 +0530 Tue, 26 Jul 2022 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425604 Approved amalgamation schemes are not treated as colourable devices merely because they produce tax consequences; absent material showing the scheme was devised solely for tax avoidance, the revenue cannot sustain an addition under section 68. The appellate authorities and Tribunal found no evidence that the amalgamation was tax-driven, and the approved scheme itself negatived any such inference. As the identity, creditworthiness and genuineness requirements were not established to support the addition, the deletion of the section 68 addition was upheld and no substantial question of law arose. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425604