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Business profits must be concrete and commercially realisable, not mere paper adjustments. In amalgamation, substitution of shares that yield realisable assets of definite value constitutes taxable income under Section 28 of Income Tax Act, 1961, guided by the doctrine of real income to tax genuine gains while avoiding illusory ones.
The merchant banker responsible for providing fair opinion to the ABC was given clean chit of the allegations of insider trading for lack of substantial evidence.
SAT Mumbai observed that it is not open to a shareholder to complain about the scheme of arrangement before the SEBI or to the Stock Exchange nor is it open to the shareholder to make a representation and /or file an appeal before this Tribunal under Section 15T of the SEBI Act.
It is essential to look beyond the mere concept of destruction of corporate entity which brings to an end or terminates any assessment proceedings.
The Government of India sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The
In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020. (Click
The Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published
Securities and Exchange Board of India (SEBI): The Board comprising G. Mahalingam as Whole Time Member, granted Wipro exemption from the prohibition
Gramin Bank of Aryavart and Allahabad UP Gramin Bank amalgamated into a single Regional Rural Bank–Aryavart Bank
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya
by Bhumesh Verma*, Managing Partner, Corp Comm Legal and Soumya Shekhar**, Research Associate