As per the settled position of law, the National Company Law Tribunal (‘NCLT’ or ‘Tribunal’) can reject a scheme of arrangement only in cases where: (a) the scheme is proved to be a sham or colorable device undertaken with the sole objective of avoidance of tax…
One of the incidental issues arising out of source-based taxation is regarding the allowability of taxes paid on business receipts in source jurisdiction as a business deduction under Section 37(1) of the IT Act, especially in view of the exclusion…
