TaxTMI 
TaxTMI 
2021 (12) TMI 312
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.... Assessment Year 2018-19 in violation of Section 129 of the Income Tax Act, 1961 ('the Act' hereinafter). 2. Brief facts leading to the present petition are as follow: 2.1 The Deep Industries Limited was having business of Oil and Gas exploration and production and oil and Gas Services. It decided to demerge its Oil and Gas services business therefore a scheme of arrangement was formulated and a company application was moved before the National Company Law Tribunal ('the NCLT' hereinafter). The scheme of arrangement was sanctioned on 17.03.2020 with appointed date 01.04.2017. Certified copy of the scheme was received on 26.05.2020 and the same was filed with the Registrar of the Companies on 20.06.2020. 2.2 The petitioner-the then ....
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....o it, it was not permitted and this approach on the part of the respondent is sought to be challenged. 2.7 The petitioner has relied on the decision of the Apex Court rendered in case of DALMIA POWER LIMITED VS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, TRICHY, reported in (2020) 420 ITR 339 (SC) with the following prayers: "7... Hon'ble Court be pleased to issue a writ of mandamus or a writ in the nature of mandamus or a writ of certiorari or a writ in the nature of certiorari or any other appropriate writ, direction or order and be pleased to: (a) quash and set aside the impugned order at Annexure-'A' to this petition; (b) pending the admission, hearing and final disposal of this petition, to stay implem....
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...., Ahmedabad on 17.03.2020. It was effective from retrospective date of 01.04.2017. The respondent has also given the vital points of order of the NCLT, Ahmedabad in its reply; however, it has also further stated that the revised return since was filed manually and belatedly, it was constrained to consider it invalid as there is no provision under the Act to accept the revised return beyond limitation period. 6. We have heard the learned advocate, Mr.Bandish Soparkar and the learned senior standing counsel, Ms.Mauna Bhatt. 7. According to the learned advocate, Mr.Bandish Soparkar, the issue of revised return pursuant to the demerger on account of the order of the NCLT no longer is res integra. He has sought to rely on the decision of D....
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....ar 2018-19 on 25.09.2018 and the scheme of arrangement of the de-merger of the company was sanctioned by the NCLT, Ahmedabad for 01.04.2017 being the appointed date; however, the order had come on 17.03.2020. The time of revised return which was to be filed electronically had already lapsed by then. The petitioner had raised the grievance with the Income Tax Portal via e-Nivaran facility on 26.06.2020 and once there was no response, he physically filed the revised return on 28.07.2020. 9.1 The petitioner's revised return was not considered obviously because that is impermissible as the same was not filed electronically. However, this was in complete disregard to the fact that the order of the NCLT had come on 17.03.2020 and therefore, it....