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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.
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.
The Directorate General of GST Intelligence (DGGI) is reportedly probing a recent deal between Raymond and Godrej. Earlier this year, Godrej Consumer Products had announced that it entered into an agreement to acquire the FMCG business of Raymond Consumer Care…