« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.