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2017 (12) TMI 587 - HC - Income TaxReassessment notices under Sections 147/148 - scheme of amalgamation - Held that:- In the present case, there is no doubt that this court had, while accepting the scheme for amalgamation, facially accepted the method which the assessee indicated. At that stage, neither did the court conduct any detailed inquiry into the question of the appropriateness of the method, nor was it competent to return findings that would have been conclusive. This event was relied upon by the assessee to argue that the court, under the Companies Act, had accepted the method. However, that ipso facto could not have barred any inquiry by the AO. Indisputably, the AO did not proceed further, but merely accepted the assessee’s arguments. In these circumstances, the materials produced for AY 2009-10 triggered the reassessment notices in the present case. Having regard to the law declared in Calcutta Discount (1960 (11) TMI 8 - SUPREME Court) and Phool Chand Bajrangi Lal (1993 (7) TMI 1 - SUPREME Court ) it is held that there is no infirmity with the impugned reassessment notices.
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