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Where a scheme of amalgamation resulted in dissolution of the...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review directed.
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Where a scheme of amalgamation resulted in dissolution of the transferor and filing of modified returns by the successor, assessment proceedings must recognise the business reorganisation and the modified return; draft assessment and giving-effect orders issued in names of separate pre-amalgamation entities were quashed as inconsistent with that statutory scheme. The successor's modified return filed under the reorganisation framework must be examined by the Transfer Pricing Officer and a fresh merits order passed, after which the taxpayer may approach the Dispute Resolution mechanism or accept the order. Proceedings against dissolved transferor risking dual demands are impermissible.
Where a scheme of amalgamation resulted in dissolution of the transferor and filing of modified returns by the successor, assessment proceedings must recognise the business reorganisation and the modified return; draft assessment and giving-effect orders issued in names of separate pre-amalgamation entities were quashed as inconsistent with that statutory scheme. The successor's modified return filed under the reorganisation framework must be examined by the Transfer Pricing Officer and a fresh merits order passed, after which the taxpayer may approach the Dispute Resolution mechanism or accept the order. Proceedings against dissolved transferor risking dual demands are impermissible.
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