https://www.taxtmi.com/caselaws?id=450866 The HC dismissed a revision petition where a company sought to quash prosecution proceedings for non-compliance with CSR obligations under Section 135 of the Companies Act. The company argued it fell outside CSR purview by excluding amalgamation reserves from net worth calculations in subsequent years. The court held that while companies receive amalgamation benefits under Section 2(57) for the amalgamation year, they cannot continue claiming these benefits in subsequent financial years (2011-2015) to avoid CSR liability. The court found prima facie evidence of the alleged offence and ruled the case should proceed to trial. en-us Wed, 13 Mar 2024 00:00:00 +0530 Fri, 15 Mar 2024 07:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450866 The HC dismissed a revision petition where a company sought to quash prosecution proceedings for non-compliance with CSR obligations under Section 135 of the Companies Act. The company argued it fell outside CSR purview by excluding amalgamation reserves from net worth calculations in subsequent years. The court held that while companies receive amalgamation benefits under Section 2(57) for the amalgamation year, they cannot continue claiming these benefits in subsequent financial years (2011-2015) to avoid CSR liability. The court found prima facie evidence of the alleged offence and ruled the case should proceed to trial. Case-Laws Companies Law Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450866