9911796707
TMI Blog2017 (5) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the scheme of amalgamation has come into effect on 1.4.2008, the appointed date mentioned in the scheme of amalgamation and as such Rave Entertainment Private Limited stood dissolved and ceased to exist w.e.f. 1.4.2008 as it got amalgamated with M/s. Adlabs Films Limited now known as Reliance Media Works Limited. Since the said company had ceased to exist, it could not have been subjected to tax for the financial year 2008-09 ie. for the Financial Year 1.4.2008 to 31.3.2009. In view of the above, the following substantial questions of law were formulated in this appeal:- 1. Whether on the facts and circumstances of the case and in law the Hon'ble ITAT was correct in holding that the effective date of amalgamation is 01.04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany Rave Entertainment Private Limited for the assessment year 2008-09 relating to Financial Year (1.4.2008 to 31.3.2009) was passed on 19.12.2011 by the Assessing Officer. The said order has been set aside by the CIT (Appeals) on 28.6.2013 in appeal preferred by its successor company on the ground that the aforesaid company had ceased to exist w.e.f. 1.4.2008 and as such it could not have been assessed to tax for the above Financial Year. The aforesaid order of CIT (Appeals) has been affirmed by the Income Tax Appellate Tribunal. In view of the above background and facts, the answer to the above two questions formulated in this appeal depends upon the date on which the scheme of amalgamation came into existence and the aforesaid company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransferor company ceased to exist on 1.1.1982, the Assessing Officer was not entitled to assess it for the period 1.1.1982 to 21.1.1986. It was further held that in such a situation the assessment, if any, can always be made on the transferee company taking into account the income of both the transferor company and transferee companies. In the case at hand, the Bombay High Court in sanctioning the scheme of amalgamation has not specified any other date from which the scheme will be effective. Therefore, in the absence of any such date specified by the High Court, the appointed date mentioned in the scheme would be the relevant date from which the amalgamation/transfer takes place. Since the aforesaid date is 1.4.2008, the aforesaid compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
