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Tag: slump sale

GST ArticleHigh Court

Revenue department cannot vivisect the business agreement to create demand

byCA Bimal Jain02/07/202402/07/2024

The Hon’ble Bombay High Court in Piramal Enterprises Ltd held that clauses of business transfer agreement should be understood with the context it is entered into by parties, pick and choose approach adopted by the revenue to dissect the agreement, giving it a different meaning then by which it is entered into, is not sustainable, set aside the demand.

GST ArticlePre-GST

Bombay HC set aside VAT demand on sale of business as a “going concern” (slump sale)

byVikash Agarwal12/06/202412/06/2024

The facts before the HC were that the petitioner transferred its intellectual property rights (IPRs) and goodwill through a Business Transfer Agreement (BTA). The BTA constituted a slump sale of the petitioner’s entire domestic formulation business for a lump sum consideration.

GST in Media

Godrej’s Rs-2,825-crore acquisition of Raymond’s consumer goods biz under DGGI lens: Report

byAdmin30/10/202330/10/2023

The Directorate General of GST Intelligence (DGGI) is reportedly probing a recent deal between Raymond and Godrej. Earlier this year,…

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