Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 459 - HC - Income TaxValidity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised returns of income-tax, sales tax, value added tax, turnover tax, excise duty, service tax, customs and any other returns including revised returns to claim advance tax or withholding tax refunds and credits giving effect to the demerger - HELD THAT:- In the case of Dalmia Power Ltd. [2019 (12) TMI 991 - SUPREME COURT] wherein the issue was whether the Income Tax Department ought to have permitted the Assessee to file revised Income-tax returns for the Assessment Year 2016-17 after the expiry of the due date prescribed u/s 139(5) on account of the pendency of proceedings for amalgamation of the Assessee companies with other companies under section 230-232 of the Companies Act 2013 - Apex Court referred to section 139(5) of the Act that the said provision would not be applicable in a case where revised return could not be filed on account of the time taken to grant sanction of the Schemes of Arrangement and Amalgamation by NCLT and section 139(5) of the Act only deals with filing of revised return within a period of one year upon discovery of an omission or wrong statement made in the initial return of income. In the facts and circumstances of that case, Apex Court directed Income-tax department to receive the revised return of income for Assessment Year 2016-17 filed by appellants therein and to complete assessment for the said Assessment Year after taking into account scheme of amalgamation as sanctioned by NCLT. We are also of the view that the decision of the Apex Court in the case of Dalmia Power Ltd. (Supra) would be applicable to the facts and circumstances of the present case. In fact in the impugned order, Respondent no. 1 also accepts this but states that he is bound by CBDT Circular. In the circumstances, we set aside the impugned order dated 3rd June 2022 and direct Respondents to accept and process Petitioner’s manual revised return of income for Assessment Year 2014-15 to Assessment Year 2021-22 and pass within 12 weeks an Assessment Order in accordance with law.
|