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Issues: Whether the Central Government must independently consider the recommendation of the Specified Authority and other relevant materials before passing an order under section 72A(1) of the Income-tax Act, 1961.
Analysis: The provision contemplates only a recommendation by the Specified Authority on the existence of the pre-conditions stated in section 72A(1). The power to make the final order rests with the Central Government, which must itself be satisfied on the materials on record as to the fulfilment of the statutory conditions. The recommendation of the Specified Authority is not conclusive, and the Central Government is competent to consider the recommendation along with all other relevant materials before deciding the matter. Since no final order had yet been passed by the Central Government, the writ court directed that authority to take an independent decision after affording the petitioner a reasonable opportunity of hearing.
Conclusion: The Central Government must pass the final order under section 72A(1) after independent consideration of the recommendation and the relevant materials; the writ was not decided on the merits of the amalgamation claim.
Ratio Decidendi: Under section 72A(1) of the Income-tax Act, 1961, the Specified Authority's recommendation is only advisory and the Central Government must independently satisfy itself on the statutory pre-conditions before granting or refusing the declaration.
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