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2004 (9) TMI 33 - HC - Income TaxSection 72A(1) and (3) – amalgamation - specified authority rejected proposal under section 72A(3) - Section 72A(1) will come into operation after the amalgamation is made effective and not before that. So far as sub-section (3) of section 72A is concerned, it is in the nature of an advance ruling because it deals with a situation where, prior to the amalgamation, the company submits its proposal in the form of a scheme of amalgamation to the specified authority - In this case, there is no dispute that the authority was moved after the amalgamation and, therefore, the authority was required to pass an order under section 72A(1) of the Act and not under section 72A(3) thereof. - It is thus clear that there is a non-application of mind bu specified authority - the order passed by the specified authority is quashed
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