AZB Tax
January 2023
STRICTLY FOR PRIVATE CIRCULATION

IN THIS ISSUE

WHETHER ALLEGED TAX BENEFIT TO AMALGAMATED COMPANY CAN BE PERMISSIBLE GROUND FOR REJECTION OF SCHEME BY NCLT?
| TAXES PAID ON BUSINESS RECEIPTS IN FOREIGN JURISDICTIONS – WHETHER ALLOWABLE AS DEDUCTION UNDER SECTION 37(1) OF THE IT ACT?

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  • 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…

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  • 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…

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