https://www.taxtmi.com/caselaws?id=35356 Amalgamation of foreign companies with an Indian company did not trigger capital gains tax in India where the statutory conditions for amalgamation were met and the transfers fell within the specific exemptions. The transfer of assets by the amalgamating companies to the Indian amalgamated company was covered by the exemption for transfers pursuant to amalgamation, and the transfer of shares by shareholders in exchange for shares in the amalgamated company was likewise exempt. The objection that the arrangement was a mere tax avoidance device was rejected because the scheme had a genuine business rationale and was not shown to be a sham or colourable device. en-us Thu, 21 Jan 2010 00:00:00 +0530 Thu, 31 Jan 2013 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35356 Amalgamation of foreign companies with an Indian company did not trigger capital gains tax in India where the statutory conditions for amalgamation were met and the transfers fell within the specific exemptions. The transfer of assets by the amalgamating companies to the Indian amalgamated company was covered by the exemption for transfers pursuant to amalgamation, and the transfer of shares by shareholders in exchange for shares in the amalgamated company was likewise exempt. The objection that the arrangement was a mere tax avoidance device was rejected because the scheme had a genuine business rationale and was not shown to be a sham or colourable device. Case-Laws Income Tax Thu, 21 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35356