Effect of sanction of scheme of demerger on asset vesting - attachment of property for tax liability of the demerged company - independent tax liability of resulting companies after demerger - competence to attach assets vested by a court-sanctioned scheme for the assessees' own tax liability - protection of assessee when appellate proceedings remain pending - Wealth Tax liability for Assessment Years 2011-12 to 2015-16 - HELD THAT:- A reading of the scheme of amalgamation makes it clear that two resulting companies, namely the petitioner (Resulting Company No.I) and M/s.Binny Mills Limited (Resulting Company No.II) have been vested with certain assets. Therefore, the assets vested with the resulting companies cannot be attached for the tax liability of the demerged company, namely M/s. Binny Limited. Therefore, the impugned attachment of the property which stood vested with the petitioner cannot be countenanced for the tax liability of M/s.Binny Limited (demerged). The impugned attachment order therefore is not sustainable. However, it is always open for the Income Tax Department to attach the property vested with the petitioner pursuant to the scheme of demerger sanctioned on 22.04.2010 independently for the tax liability of the petitioner for the said tax period under the Wealth Tax Act 1957 in accordance with law. Having concluded as above it is imperative that the petitioner cannot be penalized in case the statutory appeal filed under the Wealth Tax Act, 1957, has not been disposed by the Appellate Authority as they are not under the control of the petitioner. Accordingly, this Writ petition is partly allowed with the above liberty.