NCLT Approval of Mergers Doesn't Prevent Tax Authorities from Assessing Tax Liabilities; No Precedents Limit Revenue's Authority.

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....Schemes of merger and demerger approved by NCLT - jurisdiction of AO - None of the decisions cited by the learned senior advocate held that the revenue does not have an authority to compute the tax liability of the assessee in pursuance to the scheme of corporate reorganization approved by the National Company Law Tribunal. Further, the object of the representation before the National Company Law Tribunal is only with respect to the scheme, if it is to defraud the revenue. Naturally, any scheme which is framed for with the object of defrauding the revenue cannot be approved by the NCLT. - AT....