The proposed amendment to Sections 72A and 72AA of ITA reflects government’s intent to curb tax avoidance through evergreening of losses.

Author discusses contrasting decisions of the Indian Supreme Court and the French Court of Cassation on corporate criminal liability in M&A.

The amendment is a welcome step in aligning private M&A with identical checks by the NCLT through schemes, thus protecting shareholders.

[Aanchal Jain is a fifth-year student at RMLNLU Lucknow.] Mergers and acquisitions have turned into a prominent strategy for corporates...