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TMI Blog2012 (6) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... sors of Indofil Chemicals Ltd. These two notices are dated 18th October, 1989. In the third writ petition No.2215/1991, Modipon Ltd. has challenged reassessment notice dated 4th March, 1991 for the assessment year 1986-87. This notice was issued to Modipon Ltd. as a successor of Indofil Chemical Ltd. 2. The reasons to believe for issue of the said notices are not been placed on record. However, there is a letter dated 1st September, 1989 written by the Assessing Officer to the petitioner indicating and stating why the assessment proceedings have been initiated. The said letter is reproduced for the sake of convenience:- "2. The re-assessment proceedings for the assessment years 1984-85 and 1985-86 have been initiated u/s 147 (a) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 27th March, 1987, for the assessment year 1984-85, the Assessing Officer has referred to the fact that Indofil Chemicals Ltd. had amalgamated with the petitioner company after Courts approval. It is further recorded that the business income/earnings of Indofil Chemicals Ltd. was treated as income/earnings of chemical division of the Modipon Ltd. Consolidated accounts including the income of the chemical division, which was earlier the business of Indofil Chemicals ltd., was the basis of the assessment order. 5. The assessment order dated 29th March, 1988 for the assessment year 1985-86, records that in the return of income filed on 31st July, 1985 the petitioner had included income of chemical division i.e. income/earnings of Indof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the petitioner, i.e. Modipon Ltd. It is on this basis that the original assessment orders were passed in the case of the petitioner as well as Indofil Chemicals Ltd. 9. In the assessment years 1986-87, the Assessing Officer in the case of Modipon Ltd. took a different view and held that it was not the effective date but the appointed date which would determine and decide when Indofil Chemicals Ltd. had amalgamated with Modipon Ltd. Accordingly, the Assessing Officer held that the amalgamation of the two companies, i.e. petitioner-Modipon Ltd. and Indofil Chemicals Ltd., had taken place after 31st March, 1986 in view of Section 2(1A) of the Act [now 2(1B)]. He held that till the assessment year 1986-87 both Modipon Ltd. and Indofil Chem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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