Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 753 - HC - Income TaxRevised return filed after expiry of one year - voluntary revised return u/s 139(5) or return filed in pursuance of notice u/s 148 - Revised return after approval composite scheme of amalgamation by the High Court - carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. u/s 72A - held that:- In this connection, the principle laid down by the Supreme Court in the decision reported in Marshall Sons and Co. (India) Ltd. vs. ITO (1996 -TMI - 5547 - SUPREME Court) needs reference. - once the scheme had been sanctioned with effect from a particular date, it is binding on everyone including the statutory authorities. Having regard to the law declared by the apex Court as to the effect of the scheme sanctioned by the Court, the only course open to the Revenue would be to act as per the scheme sanctioned effective from 1st Jan., 2004, which means that the tax authorities are bound to take note of the state of affairs of the applicant as on 1st Jan., 2004 and a return filed reflecting the same cannot be ignored on the strength of s. 139(5) of the IT Act. - Revenue directed to consider the returns filed in terms of the scheme sanctioned by this Court effective from 1st Jan., 2004. - Decided in favor of assessee.
|