https://www.taxtmi.com/caselaws?id=764698 ITAT Kolkata allowed the appeal regarding TDS credit and advance tax for an amalgamated company. The tribunal held that when an amalgamating company's income is included in the amalgamated company's income under Section 199(1) read with Section 198, the corresponding TDS and advance tax credits must also be transferred to the amalgamated company. Since the amalgamating company ceased to exist and all assets and liabilities were transferred to the amalgamated company through NCLT order, the tax credits should follow. The assessment order under Section 143(3) made no income additions but only denied tax credits, which was incorrect. All grounds of appeal were allowed. en-us Tue, 14 Jan 2025 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764698 ITAT Kolkata allowed the appeal regarding TDS credit and advance tax for an amalgamated company. The tribunal held that when an amalgamating company's income is included in the amalgamated company's income under Section 199(1) read with Section 198, the corresponding TDS and advance tax credits must also be transferred to the amalgamated company. Since the amalgamating company ceased to exist and all assets and liabilities were transferred to the amalgamated company through NCLT order, the tax credits should follow. The assessment order under Section 143(3) made no income additions but only denied tax credits, which was incorrect. All grounds of appeal were allowed. Case-Laws Income Tax Tue, 14 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764698