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: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: TDS :: VAT Audit :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment
 
 
« Mergers and Acquisitions »
 The Deal Economy Conference Reveals Upbeat Forecast for Mergers & Acquisitions in 2017
 Mergers and acquisitions almost halve over three months following Brexit vote
 Mergers & acquisitions: a lesson in cyber-security complacency and reputational ruin
 Notable Mergers and Acquisitions 12/5: (CNSL)/(FRP) (CX) (FDML)
 What is Triggering the Wave of Mergers & Acquisitions in the Indian Internet Space?
 Oil and gas mergers and acquisitions are finally making a comeback
  Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
 Mergers and Acquisitions: What’s Happening in the OFS Industry?
 Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
 Prediction: These 8 Companies Will Get Bought in 2017
 Third Quarter Results Show Continued Strength in Mergers and Acquisitions

Send objections on merger schemes to MCA regional directors, CBDT tells its department
April, 15th 2014

The income-tax department will now have an opportunity to protect the interest of the revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.

The Central Board of Direct Taxes (CBDT) has in a letter directed the Chief Commissioners of income tax to ensure that the comments/objections of the tax department on such schemes are sent to the regional director (MCA) for incorporating them in the response to the Court.

Till recently, there was no procedure for the income tax department to raise objections (for any loss of revenue) to any schemes of amalgamation or reconstruction filed before High Courts.

There had been a recent instance when an amalgamation scheme was sought to be implemented on a retrospective date and involved setting off of losses of loss making companies with profits of profit making companies within the same group, thereby impacting public revenues.

The CBDT now wants CCITs to abide by a corporate affairs ministry circular of January 2014 that requires the comments of income tax department to be invariably obtained by the regional directors (MCA) before furnishing any report on reconstruction or amalgamation.

The idea is to ensure that the proposed scheme of amalgamation or reconstruction has not been so designed to defraud the revenue and consequently be prejudicial to the interest of the revenue.

“While the CBDT letter is a welcome move as it brings a more holistic approach towards protecting the interest of all the stakeholders, it could also delay the process”, Amit Maheshwari, Partner, Ashok Maheshwary & Associates, a firm of chartered accountants told BusinessLine.

Indications are that the new CBDT directive would also apply for schemes of reconstruction or amalgamation filed under the new company law, which came into effect from April 1 this year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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