2023 (8) TMI 1485

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....in the various grounds of appeal is against the order of Ld. CIT(A) upholding the order of The Assessing Officer (in short ld. 'AO') wherein Ld. AO has denied and declined the grant of credit of TDS amounting to Rs. 3,31,880/- to the amalgamated company the transferor company amalgamated with the assessee in the amalgamation scheme sanctioned by the Hon'ble Calcutta High Court. 3. The facts in brief are that the scheme of amalgamation between M/s. Bansidhar Commotrade Pvt. Ltd., M/s. Basudev Commosales Pvt. Ltd., M/s. Kanha Vincom Pvt. Ltd., M/s. Lilac Merchandise Pvt. Ltd., M/s. Mahajogi Vinimay Pvt. Ltd., M/s. Narmoda Commercial Pvt. Ltd., M/s. Pushkara Commosales Pvt. Ltd., M/s. Sponsor Tracom Pvt. Ltd. with the assessee i....

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....e order of Ld. AO by simply stating that only assets of the amalgamated companies of the transferor companies were transferred and not the TDS. 5. After hearing rival contentions and perusing the material on record, we note that the scheme of amalgamation dated 30.12.2010 between the above stated companies and the assessee was approved by the Hon'ble Calcutta High Court with effect from the appointed date i.e. 01.10.2020 vide order dated 20.01.2022. We note that as per Clause 16 of Part III of the Scheme, all taxes including TDS as well as refunds, credits, claims, incentives or other benefits belonging to the transferor companies from the appointed date shall be treated as belonging to the transferee company. Accordingly, the assess....