Challenge to sanctioned scheme of amalgamation in collateral proceeding is unsustainable

DCIT Vs Teleperformance Global Services Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that approved sanctioned scheme of amalgamation is binding on the authorities and the same cannot be permitted to be challenged in a collateral proceeding. Facts- The assessee is engaged in the business of IT & IT enabled services. The Ld.AO observed that assessee on 30/7/2010 sold 6,44,285 equity shares in M/s Sparsh BPO Services Pvt Ltd for Rs.12,88,57,000/-. These shares were purchased by the assessee on 7/7/2008 for Rs.12,88,57,000/-. The Ld.AO observed that as on the date of sale of these shares, the asse...