erred in questioning the business rationale behind hiving off the
sprinkler business by TFSIPL as opposed to shutting it down
completely and transfer of CCDs ... Assessee incurred loss in the
Sprinkler business and wanted to hive off the same, i.e., wanted to sell its Sprinkler
business as a going
Grasim Industries Ltd., Mumbai vs Dy Cit, Central Circle-1(4), Mumbai on 30 November
administrative authorities.
Adjudicatory functions assigned to courts and tribunals cannot be hived off to
administrative committees. In Sanghar Zuber Ismail v. Ministry of Environment,
Forests
event in that year.
However, the engineering services division had been hived off in the year 2014-15 by
the assessee company which is quite
liabilities to banks/financial institutions.
5. Clearly, the said transaction of hiving off a subsidiary
company cannot be considered as a transaction in the
ordinary ... whatsoever
in its bonafides and, rather, denotes a transparent attempt at hiving off
its assets, so as to frustrate the arbitral award and its enforcement
Appellate Proceedings
5.1 The Ld. CIT(A) noted that the assessee hived-off hire purchaseand
leasing business to SPV and assigned corresponding receivables
together with ... dispute. As per the terms
of Tripartite Agreement, the assessee hived-off hire purchase and
leasing business to SPV and assigned corresponding receivables
together with
Lafarge. On
the other hand, the appellant contends that with
the hiving off the cement division and transferring
the same to M/s. Lafarge along
Engine Overhaul Department of
respondent No. 2, Air India, was hived off to be made as respondent
No. 3 i.e. All India Engineering Services
conducted micro finance activities as micro finance business was hived off
and given to a private limited company formed by assessee for this specific
purpose
economic circumstances as during
the financial year 2003-04, the company hived off its finance and investment
division into a separate company, which has resulted
