TMI Blog2007 (7) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was entitled to the said benefit in the asst. yr. 1995-96. 2. The assessee is a public sector undertaking, fully owned by the Government of India, and has duly obtained the clearance of the Committee on Disputes (Cabinet Secretariat), in terms of the Hon'ble Supreme Court's judgment in the case of ONGG vs. CCE (1992) 104 CTR (SC) 31. 3. In order to properly appreciate the controversy requiring our adjudication, it is necessary to take a look at the relevant material facts. A scheme of amalgamation between the assessee and the Mica Trading Company Ltd. (MITCO, in short) was approved by the Board for Industrial and Financial Reconstruction (BIFR, in short). This scheme was effective from 1st April, 1994, i.e. beginning of previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he year 1996-97. The CIT(A) noted that the benefit granted to the assessee in the asst. yr. 199596 was a mistake apparent on record and that the assessee is not entitled to the set off in the asst. yr. 1995-96. The assessee is aggrieved of the rectification order so passed by the CIT(A) and is in appeal before us. 4. We have conscientiously heard Shri Vohra, learned counsel for the assessee, and Smt. Nambiar, distinguished CIT Departmental Representative. We have also carefully perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 5. We find that there is no dispute about the fact that the merger of the MITCO with the assessee company took place on 1st April, 1994 which fall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT return, a certificate from the prescribed authority (i.e. BIFR) that adequate steps have been taken by that company for the rehabilitation or revival of the business of the amalgamating company. The provisions of s. 72A(2), under which admittedly the certificate is issued, do not govern or influence the assessment year in which tax benefit under s. 72A(l) is to be allowed. Therefore, the CIT (A) was clearly in error in being guided by this certificate to decide the question as to in which assessment year the benefit of set off and carry forward of accumulated losses and unabsorbed depreciation of the amalgamating company are to be given. In any event, when the undisputed facts of the cases are considered in a harmonious manner, the menti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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