2024 (7) TMI 400

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....2/2022 passed by the Assistant Director of Income Tax, CPC, under section 154 of the Income-tax Act, 1961, for the Assessment Year (AY) 2021-22. Facts of the Case: 2. The assessee, M/s.Shiva Pharmachem Limited, filed its original return on 09/02/2022 declaring a total income of Rs. 64,88,10,170/-. The assessee entered into a scheme of arrangement under sections 230 to 232 of the Companies Act, 2013, with M/s.Tash Investment Pvt. Ltd., as approved by the NCLT order dated 10th September 2020. The effective date of this scheme was 01st April-2019. 2.1. Since, the order of NCLT was issued on 10th September-2020, the operation of amalgamated and merged company i.e. of M/s.Tash Investment Private Limited continued till the date of such order a....

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.... the appeal stating that the assessee has failed to file a declaration as per proviso to sub-clause (i) and the procedures as per subclause (ii) and (iii) of clause (2) of Rule 37BA. 3. Now, the assessee is appeal before us with following grounds of appeal: "The appellant being dissatisfied with the order passed by the learned Commissioner of Income Tax (Appeals), NFAC, u/s 250 of the Act, dated 24/07/2023, presents this appeal against the said order on the following amongst other grounds: 1. The order passed by the learned CIT(A) is bad in law, being contrary to the provisions of the Act and without considering the written submission of the appellant and therefore be quashed. 2. i) The learned CIT(A), NFAC has erred in confirming th....

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.... the appellant also wants to invite attention on the judgement of the hon'ble ITAT Hyderabad in the matter of Ces Limited, Hyderabad vs Dy. Commissioner of Income Tax. Dated 21.11.2019 wherein the identical issue was covered, and the Hon'ble ITAT has held that "we agree with the contention of the assessee that when the amalgamated results or income of the amalgamating company has been taken into consideration, then the credit for advance tax paid and TDS made by amalgamating company should be given to amalgamated company i.e. assessee before us." Therefore, the Ld. CPC, Income Tax Department be directed to grant claim of the credit of TDS amounting to Rs. 10,09,254/- to the Appellant company. Your appellant craves for leave to a....