1979 (9) TMI 8

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....nce of the Commissioner of Income-tax, under s. 256(2) of the I.T. Act, 1961 (hereinafter referred to as " the said Act "), for directing the Income-tax Appellate Tribunal to state a case and to refer to this court for determination of the following questions: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the effective date of ama....

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....d in the total income of the assessee for the assessment year 1972-73 ? " As far as questions Nos. 1 and 2 are concerned, as the Tribunal has pointed out in its order rejecting the application for making a reference to this court, both these questions are misleading, because the Tribunal has not based its conclusions regarding the effective date of amalgamation merely on the basis of cls. (1), ....

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....in the scheme of amalgamation. Section 394 of the Companies Act, 1956, deals with reconstruction and amalgamation of companies. Sub-section (2) of that section, inter alia, provides that where an order provides for the transfer of any property or liabilities, then, by virtue of the order, that property shall be transferred to and vest in, and those liabilities shall be transferred to and become....