NCLAT dismisses objections by IT dept. on ‘avoidance and evasion’; approves demerger of Reliance Jio

COMPANY LAW: Where composite scheme of arrangement among petitioner companies (Reliance Jio Infocomm, Jio Fibre and Reliance Infratel) was approved by NCLT but was opposed by Income tax department on ground that scheme was a tool to avoid and evade taxes, it was held that in view decision of Supreme Court in Department of Income tax v Vodafone Essar Gujrat Ltd (2015)16 SCC 629 wherein liberty was given to Income tax department to take out appropriate proceedings for recovery of any tax statutori

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