In future, it advised, mergers must not be mere formalities, but must allow the rationalisation of staff and branches.
ECONOMIST: Indian banking
Interestingly, the court also noted that five factors favored a finding of debt specifically, numbers 2, 4, 7 and 9 but these factors were dismissed as mere formalities with little non-tax significance.
FORBES: One Man's Tale Of Superstorm Woe And Debt Versus Equity Considerations
The corporate formalities were not followed and the LLC is a mere sham which serves no legitimate business purpose.
FORBES: Noack: The Single Member LLC, Alter Ego, and Undercapitalization
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