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TMI Blog2025 (5) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Abhratosh Majumder, learned senior counsel for the respondent/assessee. There is a delay of 138 days in filing the present appeal. As the explanation offered is acceptable, the delay is condoned. The application for condonation of delay being IA No: GA/1/2025 is allowed. This appeal is filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) challenging the order dated 5.3.2024 passed by the Income Tax Appellate Tribunal "B" Bench, Kolkata (Tribunal) in I.T.(SS)A No. 118/Kol/2023, C.O. No.15/Kol/2023 for the assessment year 2015-16. The revenue has raised the following substantial questions of law for consideration : A. Whether the Learned Tribunal has committed substantial error in law in allowing carry forward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant appeal. The assessee was merged with M/s. Penguin Trading & Agencies Ltd. along with other five concerns of the Group by order of merger passed by this Court on 24.12.2024 and the merger was to take effect from 1.4.2013. Subsequently this Court passed another order of revised merger on 19.3.2016 by which the assessee was demerged from M/s. Penguin Trading & Agencies Ltd. again with effect from 1.4.2013. After receiving the demerger order which was effective from 1.4.2013, the assesee filed its return of income for the assessment year 2015-16 on 17.10.2016. Subsequently, intimation under Section 143(1) of the Act was issued on 24.10.2016 for the return of income filed on 17.10.2016. Subsequently, on 27.4.2017 a search/seizure and survey ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that separate returns were filed: In the case of the appellant, u/s. 139 and later u/s. 153A; and in the case of PTAL u/s. 153A of the Act. In the case of all these returnswhether of the appellant company or in that of PTAL, it is undisputed that the entire expenses on account of which the loss finally became crystallized - were claimed only and only be PTAL, and never by the appellant. In fact PTAL, in going before the Hon'ble ITSC, continued to claim these expenses-and hence the losses-on account of various reasons-like the losses being on account of the management of PTAL etc. The fact that these reasons were not accepted by either the Department or the ITSC does not negate the fact that these losses were never claimed by the appellant i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant to take note of the decision of the Hon'ble Supreme Court in Dalmia Power Ltd. & Anr. Vs. Assistant Commissioner of Income-Tax, (2020) 420 ITR 339 (SC), wherein the appeal filed by the assessee was allowed and the order passed by the Learned Single Bench was affirmed wherein direction was issued to complete assessment in respect of the said assessee for the relevant assessment year after taking into account the Scheme of Arrangement and Amalgamation as sanctioned by the NCLT (in the said case). At this juncture, it would be relevant to take note of the observation of the Hon'ble Supreme Court qua the effect of Section 139(3) and Section 153A(1). "The counsel appearing for the Department relied on sections 139(5) and 119(2)(b) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and circum-stances of the present case since the revised returns were not filed on account of any omission or wrong statement or omission contained therein. The delay occurred on account of the time taken to obtain sanction of the schemes of arrangement and amalgamation from the NCLT. In the facts of the present case, it was an impossibility for the assessee-companies to have filed the revised returns of income for the assessment year 2016-17 before the due date of March 31, 2018, since the NCLT had passed the last orders granting approval and sanction of the Schemes only on April 22, 2018 and May 1, 2018." Identical issue was considered by the Hon'ble Division Bench of this Court in the case of Shrikant Mohta vs. Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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