TaxTMI 
TaxTMI 
2020 (7) TMI 712
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....n 292B of the Income-tax Act, 1961 (the "Act"). 3. That on the facts and in the circumstances of the case and in law, the CIT(A) erred in holding that by virtue of section 124 of the Act, the Appellant could not raise a challenge to the validity of the order framed on a nonexisting person. 4. That on the facts and in the circumstances of the case and in law, the CIT (A) erred in upholding the action of the AO in bringing to tax, an amount of Rs. 26,25,00,00,000/-, being consideration paid by the Appellant for buy-back of shares under section 391 of Companies Act, 1956 (the "Companies Act") as income chargeable to tax under section 115QA of the Act. 5. That on the facts and in the circumstances of the case and in law, the CIT(A) erred in confirming the action of the AO in applying section 115QA of the Act to a share buyback effected pursuant to a scheme of arrangement under section 391 of the Companies Act, without appreciating that the said section 115QA of the Act, as it then stood, applied only to a share buyback effected in terms of section 77A of the Companies Act. 6. That on the facts and in the circumstances of the case and in law, the CIT(....
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.... from time to time and filed the requisite details before the Assessing Officer. Genpact India merged into another company, now named as Genpact India Private Limited i.e. assessee herein with effect from 30.04.2016 (with the appointed date being 01.04.2015) vide order dated 17.08.2015 by Hon'ble High Court at Telangana and Andhra Pradesh as well as vide order dated 18.03.2016 by Hon'ble Delhi High Court. This fact of merger/amalgamation was mentioned by the Assessing Officer in para 2 of the Assessment order. The Assessment was completed on 31.12.2016 u/s 143(3) of the Act by the Assessing Officer in the name of Genpact India (now merged with Genpact India Private Limited PAN: AABCE4461B) and the said assessment order mentioned the Genpact India's PAN: AAACG9163H. The Assessing Officer assessed total income of Rs. 714,76,03,867/- as per normal provisions of the Act and book profits of Rs. 1366,87,30,839/- as per the MAT provisions of the Act and distributed income of Rs. 26,25,00,00,000/- was charged to tax @ 20% as per Section 115QA of the Act. 4. Being aggrieved by the Assessment Order, the Assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assess....
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....i Suzuki India Limited (2019) 416 ITR 613 (SC) iii) Genpact Infrastructure (Bhopal) Pvt. Ltd. (Now merged with Genpact India) v. DCIT (ITA No. 199/Del/2015 dated 27.04.2018 Tri. iv) Genpact Infrastructure (Kolkata) Pvt. Ltd. (Now merged with Genpact India) v. DCIT (ITA No. 198/Del/2015 dated 27.04.2018 Tri. v) PCIT v. Genpact India (previously known as Genpact Infrastructure (Bhopal) Private Limited)(ITA 168/2019, CM Appl. 40543/2019 order dated 17.09.2019) Delhi High Court vi) PCIT v. Genpact India (previously known as Genpact Infrastructure (Kolkata) Private Limited)(ITA 172/2019, CM Appl. 40541/2019 order dated 17.09.2019) Delhi High Court vii) PCIT v. Transcend MT Services (P.) Ltd. (2019) 109 taxmann.com 421 (Del.) viii) DCIT vs. Mapsa Logistics (P.) Ltd. ITA Nos. 2666, 2667 & 2669/Del/2017 Tri. ix) V3S Infratech Ltd. vs. DCIT ITA Nos. 6514 & 6515/Del/2016 x) Spice Entertainment Ltd. vs. CIT 280 ELT 43 (Del) xi) CIT vs. Spice Infotainment Ltd. Civil Appeal 285 of 2014, Judgment dated November 2, 2017 (SC) xii) CIT vs. Dimension Apparels (P) Ltd. (2014) 370 ITR 288 xiii) PCIT vs. ....
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....on'ble High Court of Delhi at New Delhi (vide order dated March 18, 2016 in CP No. 703 of 2015). The copies of Amalgamation Order as sanctioned by the Hon'ble High Court of Delhi and Hon'ble High Court of Telangana and Andhra Pradesh along with copies of PAN of Genpact India and detail of the jurisdictional Assessing Officers was placed by the assessee before the Revenue authorities. The reliance upon the decision of the Hon'ble Supreme Court in case of Maruti Suzuki India Ltd. (Supra) by the Ld. AR is apt in the present case. The Hon'ble Supreme Court observed in para 19 as follows: "19. ........................ (iii) Thirdly, the consequence of the scheme of amalgamation approved under Section 394 of the Companies Act 1956 is that the amalgamating company ceased to exist. In Saraswati Industrial Syndicate Ltd., the principle has been formulated by this Court in the following observations: "5. Generally, where only one company is involved in change and the rights of the shareholders and creditors are varied, it amounts to reconstruction or reorganisation of scheme of arrangement. In amalgamation two or more companies are fused into one by merger or by ta....