M/S EVERBRIGHT VINIMAY PRIVATE LIMITED,KOLKATA vs. INCOME TAX OFFICER, KOLKATA

The only issue raised by the assessee in various ground of appeal is against the order of ld. CIT (A) upholding the order of the ld. AO, wherein the ld. AO has denied the TDS credit of ₹5,09,976/- of transferor companies which were duly amalgamated with the assessee company with effect from 01.04.2018, vide order of NCLT dated 30.09.2019.

After hearing the rival contentions and perusing the materials available on record, we note that four companies namely; Everbright Vinimay Pvt. Ltd., Jiban Jyoti Vinimay Pvt. Ltd., Perfection merchants Pvt. Ltd. and Vijaypath Retails Pvt. Ltd. were amalgamated with the assessee company vide amalgamation order dated 30.09.2019, with effect from appointed date i.e. 01.04.2018. The copy of the said order is available at page no.1 to 45 of the Paper Book. The assessee accordingly incorporated the income of these companies as well as the TDS deduction on behalf of four transferor companies and accordingly the income was computed and TDS refund was also claimed. However, we note that during the processing of the return u/s 143(1) of the Act, the TDS credit of ₹5,09,976/- was denied to the assessee which was related to the transferor of companies which were merged with the assessee company vide NCLT order as stated hereinabove. The assessee also filed reconciliation of income tax as per Profit and Loss account and as per form no.26-AS, before us which is available at page no.163 and 164 of the Paper Book. We find that the assessee is

In the result, the appeal of the assessee is allowed for statistical purposes.