« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Better give up your duplicate PAN soon... Net to widen, but rate may stay at 12%... » 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.