In case of Ajanta Pharma Ltd the NCLT has rejected a Scheme of Merger relying, among other things, on the Incxome-Tax Department's claim that GAAR was applicable. Please find a comprehensive analysis at this link: https://www.linkedin.com/pulse/even-before-starter-fires-starting-gun-income-tax-nilesh/ (https://www.linkedin.com/pulse/even-before-starter-fires-starting-gun-income-tax-nilesh/)