https://www.taxtmi.com/caselaws?id=314142 Under the Uttar Pradesh Reorganisation Act, 2000, the Central Government's apportionment order governed division of the reserve and surplus of the erstwhile Forest Corporation, fixing the ratio at 46:54 between the successor corporations. The later order left that allocation unchanged, so the successor entity claiming the 54% share was entitled to receive it on that basis. An asserted tax liability could not be used to reduce the share because the corporation's income had been exempt under Section 12AA of the Income-tax Act, 1961, and the amount sought to be adjusted was treated as interest on FDRs rather than a deductible apportioned liability. en-us Wed, 23 Nov 2016 00:00:00 +0530 Mon, 20 May 2024 18:36:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314142 Under the Uttar Pradesh Reorganisation Act, 2000, the Central Government's apportionment order governed division of the reserve and surplus of the erstwhile Forest Corporation, fixing the ratio at 46:54 between the successor corporations. The later order left that allocation unchanged, so the successor entity claiming the 54% share was entitled to receive it on that basis. An asserted tax liability could not be used to reduce the share because the corporation's income had been exempt under Section 12AA of the Income-tax Act, 1961, and the amount sought to be adjusted was treated as interest on FDRs rather than a deductible apportioned liability. Case-Laws Income Tax Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314142