Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
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.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
