TaxTMI 
TaxTMI 
2026 (3) TMI 710
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....Sandeep Bagmar.R For the Respondent in both W.Ps. : Mr.Avinash Krishnan Ravi Junior Standing Counsel COMMON ORDER By this Common Order, both these writ petitions are being disposed of. 2. The petitioner in W.P.No.1882 of 2024, since merged with the petitioner in W.P.No.1888 of 2024 has challenged the impugned draft Assessment Order dated 29.12.2023, whereby the petitioner has been called upon to file its acceptance or objections before the Dispute Resolution Panel and indicate the same to the Assessment Officer within a period of 30 days from the date of receipt of draft assessment Order as is required under Section 144(C) of the Act. 3. The challenge to the aforesaid Order is that the petitioner in W.P.No.1882 of 2024 has me....
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....24 was the transferor Company and had filed a Return of Income on 15.03.2022 for the Assessment Year 2020-2021. It is submitted that the said Company had filed the Return of Income by declaring a taxable income of Rs. 81,23,28,020/-. It is further submitted that subsequently, a notice was issued which culminated in intimation on 26.07.2022. 9. By way of rejoinder, the learned Senior Counsel for the petitioner would submit that the intimation dated 26.07.2022 was never served on the transferor Company namely the petitioner in W.P.No.1882 of 2024. 10. It is submitted by the learned junior standing counsel for the respondent that the Department was not informed about the amalgamation even though proceedings were pending before National C....
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....te Limited, (the petitioner in W.P.No.1882 of 2024). The impugned giving effect Order dated 30.12.2023 was issued in the name of the Transferee Company namely M/s.Corrohealth Infotech Private Limited, (the petitioner in W.P.No.1888 of 2024) as the said Company ceased to be in existence. 14. The aforesaid impugned orders are unsustainable, particularly in the light of the Return of Income filed by the respective petitioners on 15.03.2022 and 14.03.2022 for the Assessment Year 2021-2022. These were filed after National Company Law Tribunal (NCLT), Chennai passed an Order on 13.10.2021. Thereafter, pursuant to the Order dated 28.04.2022 passed by National Company Law Tribunal (NCLT), Mumbai, the Transferee Company namely M/s.Corrohealth Inf....
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.... the successor under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall furnish, within a period of six months from the end of the month in which the said order was issued, a modified return in such form and manner, as may be prescribed, in accordance with and limited to the said order. Explanation.-In this section, the expressions- (i) "business reorganisation" means the reorganisation of business involving the amalgamation or demerger or merger of business of one or more persons; (ii) "successor" means all resulting companies in a business reorganisation, whether or not the company was in existence prior to such business reorganisation. "170A. E....
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....io of the decision of the Hon'ble Supreme Court in Dalmia Power Ltd., v. Assistant Commissioner of Income Tax, Circle-1, Trichy [2020] 420 ITR 339, wherein, in Paragraph Nos. 4.8, the Hon'ble Supreme Court has observed as under:- "4.8. Every scheme of arrangement and amalgamation must provide for an Appointed Date. The Appointed Date is the date on which the assets and liabilities of the transferor company vest in and stand transferred to the transferee company. The Schemes come into effect from the Appointed Date, unless modified by the Court." 18. To give effect to Section 170A of the Act, Rule 12AD was also inserted into the Income Tax Rules,- vide Notification dated 19.09.2022 of Central Board of Direct Taxes in G.S.R 709(E)....
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.... complete the assessment or reassessment proceedings, as the case may be, in accordance with the order of the business reorganisation and the modified return so furnished. (4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the return in the manner specified in sub-rule (2).'. 3.In the principal rules, in Appendix-II,-- (I) in Form ITR-6, for every assessment year commencing on the 1st day of April, 2022 or any earlier asse....