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AZB & Partners – What’s Up in Tax!!

By February 1, 2023 No Comments
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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