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Executive summary - EY
EY Tax Alert Ahmedabad Tribunal permits resulting company to claim credit of advance tax, TDS and MAT credit pertaining to the demerged undertaking 18 February 2016 Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries to keep you on top of the latest tax issues. For more information, please contact your EY advisor. Executive summary This Tax Alert summarizes a recent ruling of the Ahmedabad Income Tax Appellate Tribunal (Tribunal) in the case of Adani Gas Ltd. [1] (Taxpayer), where the issue before the Tribunal was the eligibility of the resulting company to claim minimum alternate tax (MAT) credit and credit of tax deducted at source (TDS) and advance tax paid by the demerged company. The Tribunal, after observing the relevant clauses in the Scheme of Arrangement as approved by the Gujarat High Court (HC) under the Indian Corporate Laws (ICL), held that the resulting company would be entitled to claim credit of TDS and advance tax paid by the demerged company from the Appointed Date.
Tribunal’s ruling The Scheme of Arrangement, as approved by the HC, provides for transfer of all assets, properties, debts, liabilities, duties, obligations and deferred tax
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