Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

First set of M&As referred to I-T dept
February, 12th 2007
The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department. 
 
The move follows a June 2006 Bombay High Court ruling, according to which, the Company Law Board can direct the RoC to get an I-T clearance before such deals are approved by the court. 
 
Some of the cases referred include mergers, demergers and amalgamations of companies like Hindustan Lever (HLL), Indian Hotels Ltd, Hinduja Technology Media Telecom (HTMT) and Thomas Cook. 
 
HTMT has demerged its IT/ITES undertaking into HTMT Technologies Ltd (HTMT Tech) and merged its media content subsidiary into HTMT. 
 
Similarly, Indian Hotels Ltd has worked out a scheme of amalgamation between Indian Resort Hotels Ltd, Gateway Hotels, Gateway Resorts, Kuteeram Resorts and Taj Lands End, with Indian Hotels. Thomas Cook acquired Travel Corporation of India and forged an amalgamation with LKP Forex Ltd. 
 
On the other hand, HLL demerged certain units to Hindustan Kwality Food and amalgamated Modern Food Industries and Modern Food and Nutrition Industries. 
 
The need for Income-Tax clearance dates back to the controversial arrangements and amalgamation between Jindal Iron and Steel and Jindal Vijayanagar steel in 2004-05. 
 
The income-tax department had objected to the merger and said Jindal Iron and Steel needed to pay Rs 62 crore as tax before the merger, prior to closure of the deal. 
 
While the income-tax department lost the case in court, it made a strong pitch for the government to consider a move to make tax clearance mandatory for any mergers and amalgamation before a final approval from the concerned court.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions