AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2026 (4) TMI 925
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....ate Tribunal ['Tribunal'], Addl. Bench, Ernakulam, was upheld. 2.1 In Civil Appeal No. 19865 of 2017 challenge is to the order dated 27.07.2017 passed by the High Court in OTC No. 11 of 2013 wherein order dated 30.11.2012 passed in AITA No. 1/2011 by the Tribunal, was upheld. 2.2 In Civil Appeal No. 13454 of 2015 challenge is to the order dated 27.07.2015 passed by the High Court in OTC No. 1 of 2015 wherein order dated 19.02.2015 passed in AITA Nos. 2 & 3 /2012 by the Tribunal, was upheld. 2.3 In Civil Appeal No. 13455 of 2015 challenge is to the order dated 27.07.2015 passed by the High Court in OTC No. 2 of 2015 wherein order dated 19.02.2015 passed in AITA Nos. 2 & 3/2012 by the Tribunal, was upheld. 2.4 In Civil Appeal No.6617 of 2019 challenge is to the order dated 24.05.2019 passed by the High Court in OTC No. 1 of 2019 wherein order dated 30.08.2018 passed in AITA Nos. 2-4/2016 by the Tribunal, was upheld. 3. All the appeals are being taken up together, as common questions of fact and law are involved in these appeals. Facts are being noticed from Civil Appeal No. 7796 of 2012. 4. A company named 'Pullangode Rubber & Produce Co. Ltd. ['amalgamating company....
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....and conditions contained therein have to be given full effect thereto. It was submitted that in the aforesaid case, this Court has specifically noticed that despite notice, the Income Tax Department had not raised any objection to any of the terms contained in the scheme of amalgamation whereas in the case in hand, State of Kerala was never issued noticed during the process of amalgamation. 6.1 It was further submitted that in terms of provisions of the Section 12 of Kerala Act, set-off of accumulated losses can be claimed only by the assessee who suffered the losses. As the appellant/amalgamated company had not suffered those losses, no setoff can be claimed. In any case, in Dalmia Power Ltd.'s case (supra), the only issue was regarding filing of returns which was allowed. The issue on merit regarding entitlement of the relief was not gone into. Even as per the conditions laid down in the scheme of amalgamation, especially Clause 17.1, the amalgamating company stands dissolved without winding up. Meaning thereby, the assessee under the Kerala Act, who had suffered the losses, is no longer in existence to claim any set-off. 6.2 Mr. Pallav Shishodia, learned senior counsel for....
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....ation of the arguments raised by learned counsel for the parties are extracted below: "Section 2. Definitions. - In this Act unless the context otherwise requires, x x x (7) "assessee" means a person by whom any tax or any other sum of money is payable under this Act, and includes: (i) every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person; or of the amount of refund due to him or to such other person; (ii) every person who owns or possesses any land in which any crop is grown, the agricultural income of which is liable to tax under the provisions of this Act either on his own account or on account of others; (iii) every person who is deemed to be an assessee under any provision of this Act; (iv) every person who is deemed to be an assessee in default under any provision of this Act; (20) "person" means any individual or association of individuals owning, possessing or holding property for himself or for any other, or partly for....
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....Act, be deemed to be an assessee. (4) Every legal representative shall be personally liable for any tax payable by him in his capacity as legal representative, if, while his liability for tax remains undercharged, he creates a charge on or disposes of or parts with any assets of the estate of the deceased, which are in, or may come into, his possession, but such liability shall be limited to the value of the asset so charged, disposed of or parted with in respect of these assets. (5) The liability of a legal representative under this section shall, subject to the provisions of subsection (4) be limited to the extent to which the assets of the deceased is capable of meeting the liability. x x x Section 54. Succession to business:- Where a person carrying on any business in the course of which agricultural income is received, has been succeeded in such capacity by another person, such person and such other person, shall each be assessed in respect of his actual share of the agricultural income of the previous year: Provided that when the persons succeeded in the business cannot be found, the assessment of the agricultural income o....
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....he public sector company as on the date on which the public sector company ceases to be a public sector company as a result of strategic disinvestment. Explanation.-For the purposes of clause (d),- (i) "control" shall have the same meaning as assigned to in clause (27) of section 2 of the Companies Act, 2013 (18 of 2013); (ii) "erstwhile public sector company" means a company which was a public sector company in earlier previous years and ceases to be a public sector company by way of strategic disinvestment by the Government; (iii) "strategic disinvestment" means sale of shareholding by the Central Government or any State Government in a public sector company which results in reduction of its shareholding to below fifty-one per cent along with transfer of control to the buyer." 9. From a perusal of the aforesaid provisions it is evident that Section 2(7) defines an assessee to mean a person liable to pay tax under the Kerala Act. Section 2(20) defines a person to mean an individual etc. owning, possessing or holding property which includes a corporate as well. Section 3 of the Kerala Act, which is the charging Section, provides for charging o....
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.... and shall deemed to accrue as the profits or income or expenditure or losses, as the case may be, of Aspinwall & Co." 11. The fact which was not disputed by learned senior counsel for the appellant at the time of hearing is that no notice of amalgamation proceedings was issued to the State of Kerala to raise objection with reference to any terms referred to with the amalgamation scheme. 12. Section 394-A of the Companies Act, 1956 ['1956 Act'] makes it mandatory on the Tribunal to issue notice in every application filed under Sections 391 or 394 to the Central Government and any objections raised are to be considered. Section 394 of the aforesaid Act talks about amalgamation of the companies. The Ministry of Corporate Affairs, Government of India, had issued a Circular dated 15.01.2014 bearing F.No. 2/1/2014 providing that while responding to the notices issued to the Government under Section 394-A, the Regional Director shall invite specific comments from the Income Tax Department within 15 days. If no response is received from the Income Tax Department during the aforesaid period, it may be presumed that the Income Tax Department has no objection to the action proposed und....