Demerger without transfer of liabilities is valid unless sole motive for the same is tax avoidance

HIGH COURT OF GUJARAT Vodafone Essar Gujarat Ltd. v/s. Department of Income-tax O.J. APPEAL NO. 81 OF 2010 CO. PETITION NO. 183 OF 2009 AND CO. APPLICATION NO. 254 OF 2009 AUGUST 31, 2012 JUDGMENT P.B. Majmudar, J. This appeal is directed against the judgment and order dated 9th December 2010 passed in Company Petition No. 183 of 2009 whereby the learned Company Judge did not accord sanction to the. Scheme of Arrangement under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 whereby Passive Infrastructure Assets of the appellant Company together ...