TMI Blog2022 (2) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. Usha Stud Agricultural Farms Ltd. [ 2008 (3) TMI 91 - DELHI HIGH COURT] can be referred to as the facts in the said case would match with that of the facts in the case on hand. As in the case of the assessee before us in Usha Stud Agricultural Farms Ltd. the CIT(A) had recorded a finding of fact that the credit balance appearing in the accounts of the assessee does not pertain to the year under consideration and accordingly held that the assessing officer was not justified in making the addition under Section 68 of the Act. We have not only gone through the order passed by the Tribunal but also the order passed by the CIT(A) dated 15th June, 2017. The CIT(A) as well as the Tribunal not only took note of the legal position but also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 260A of the Income Tax Act, 1961 (the Act in brevity) is directed against the order dated 12TH December, 2018 passed by the Income Tax Appellate Tribunal, Kolkata B Bench (the Tribunal in short) in IT(SS)A No.118/Kol/2017 for the assessment year 2012- 13. The revenue has raised for the following substantial questions of law for consideration: (a) Whether on the facts and in the circumstances of the case, the Learned Income Tax Appellate Tribunal was right in law in upholding the order of the Commissioner of Income Tax (Appeals) deleting the addition made under Section 69 of the Act on the ground that the assessee company is different juristic entity cannot be taxed by applying Section 68 of the Act for the share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reported in [1990] 186 ITR 278 (SC). In the said decision the Hon ble Supreme Court has discussed the law on the subject i.e. after an order of amalgamation is approved by the concerned High Court. It would be beneficial to refer to paragraph 5 of the judgment which reads as follows: Generally, where only one company is involved in change and the rights of the shareholders and creditors are varied, it amounts to reconstruction or reorganisation or scheme of arrangement. In amalgamation two or more companies are fused into one by merger or by taking over by another. Reconstruction or amalgamation has no precise legal meaning. The amalgamation is a blending of two or more existing undertakings into one undertaking, the shareholders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIT(A) had recorded a finding of fact that the credit balance appearing in the accounts of the assessee does not pertain to the year under consideration and accordingly held that the assessing officer was not justified in making the addition under Section 68 of the Act. Mr. S. N. Dutta vehemently contends that the substantial amount of funds are involved in the matter and the Tribunal proceeded to decide the matter only on technicalities. To test the correctness of the said submission we have not only gone through the order passed by the Tribunal but also the order passed by the CIT(A) dated 15th June, 2017. The CIT(A) as well as he Tribunal not only took note of the legal position but also the factual position. The Tribunal held t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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