NCLT allows amalgamation while rejecting invocation of GAAR
03 Jun 2022Professional Services
Recently, the National Company Law Tribunal, Chandigarh Bench (Tribunal), while approving the Scheme of Amalgamation [(Re Panasonic Life Solutions India Private Limited CP. (CAA) No. 8/Chd/Hry/2021) (Scheme)] has rejected the invocation of General Anti Avoidance Rules (GAAR) by the income tax department (ITD). This article dissects the Tribunal’s order allowing the Scheme.