TaxTMI 
TaxTMI 
2016 (2) TMI 133
X X X X Extracts X X X X
X X X X Extracts X X X X
....icial Liquidator : Mr. R.K. Meena. Mr. Mukesh Meena, for Regional Director, Ministry of Corporate Affairs, North Western Region, Ahmedabad. BY THE COURT The instant company petition has been filed under Sections 391 to 394 of the Companies Act, 1956 (hereinafter "the Act of 1956") inter alia with the prayer that the scheme of amalgamation (Annexure-5) may be sanctioned so as to be binding on t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....7.03.2015 passed in S.B. Company Application No.12/2015, with liberty to move for a second motion seeking sanction/approval of the scheme after due process from this Court. Hence this petition for second motion seeking approval of the scheme of amalgamation under consideration. Notice were issued by this Court on 01.05.2015 to the Regional Director, North Western Region, Ministry of Corporate Af....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ovisions of the Income Tax Act, 1961. Also the Official liquidator attached this Court has also filed his report on 10.09.2015 wherein also it has been concluded that the affairs of the petitioner transferor company have not been conducted in a manner prejudicial in the interest of its members, creditors and public at large and the Official Liquidator has no objection against the sanctioning of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....made out in the present case. The issue of Income Tax clearance, to my mind, is a matter which does not directly flow from the language of section 391 of the Act of 1956. Income Tax liability is a matter distinct from manner of carrying out of business. Income Tax liability would hold as per law both for the period prior to the sanction of the scheme and thereafter. Even otherwise under the circul....