“amalgamation”

DCIT 3(2), Mumbai vs. Idea Cellular Ltd, Mumbai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes and the appeal filed by the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

35DD in respect of the total legal fees of Rs. 29,37,435/- even though the amalgamation of the erstwhile Escotel Mobile Communication Limited had taken place during AY 2007-08. Ground No. X: On the facts and in the circumstances of the case

Idea Cellular Limited, Mumbai vs. Dy. Comm of Income Tax-Circle 3(2), Mumbai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes and the appeal filed by the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

35DD in respect of the total legal fees of Rs. 29,37,435/- even though the amalgamation of the erstwhile Escotel Mobile Communication Limited had taken place during AY 2007-08. Ground No. X: On the facts and in the circumstances of the case

Deepak Srichand Bathija, Mumbai vs. National Faceless Appeal Centre, Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri Br. Baskaran & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2104/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2014-15) Deepak Srichand Bathija बिधम/ Nfac, Delhi 5-B, Elegant Apartment, 3 Room No. 356, Cr Vs. Sobhani Road, Colaba, Building, New Delhi. Mumbai-400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaapb6001A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri H. S. Raheja Revenue By: Shri P. D. Chogule (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 26/05/2023 घोषणा की तारीख /Date Of Pronouncement: 26/07/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 05.07.2022 For The Assessment Year 2014-15. 2. Brief Facts Are That The Assessee Had Filed Return Of Income Of Ay. 2014-15 On 30.07.2014 Declaring Total Income Of Rs.42,24,780/-. Thereafter, The Case Of The Assessee Was Taken Up For Scrutiny By Issuing Notice U/S 143(2) Of The Income Tax Act, 1961 (Hereinafter “The Act”) On 18.09.2015. The Ao During Assessment Proceedings Noted That Assessee Is Involved In The Business Of Finance & Brokerage & Derives Income From Business, Long Term Capital Gain (Ltcg) & Other Sources. The Ao Noted That Assessee Has Earned Ltcg Of Rs.32,09,789/- From Sale Of Shares & Payment Was Received From His Share Broker. & Out Of This Rs.19,23,000/- Was Earned As Ltcg From Sale Of Shares Between 12.11.2013 To 16.12.2013 Of M/S. Kailash Auto

Panchshul Marketing Ltd. merged with M/s. KAFL (as per the order of Hon’ble Allahabad High Court); and consequent to that event of amalgamation, assessee was allotted shares of M/s. KAFL which was later sold in Nov/December, 2013 through the electronic platform of the stock exchange and assessee received ... also brought to our notice the Hon’ble Allahabad High Court order dated 09.05.2013 which allowed the Scheme of arrangement and amalgamation and by virtue of it M/s. Kailash Auto Finance Ltd. allotted 50,000 shares of its shares (M/s. KAFL) in lieu of 50,000 shares of M/s. Panchshul

Crisil Ltd (in the Matter of Erstwhile Pipal Research Analytics and Information Services India P.Ltd, Mumbai vs. Asst CIT 9(2)(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Crisil Ltd. (In The Matter Of Erstwhile Pipal Research Analytics &Information Services Acit 9(2)(2) India Pvt. Ltd. Merged With Crisil Aaykar Bhavan, M. K. Road, Vs. Ltd.) Mumbai-400020 Crisil House, Central Avenue Road, Hiranndani Business Park,Powai Mumbai-400076 (Appellant) (Respondent) Pan No. Aaics2386Q

Court in case of CIT vs. Maruti Suzuki India Ltd. 107 taxmann.com 375, wherein it has been held that where the assessee company is amalgamated with another company and thereby lost its existence, an assessment order passed subsequently in the name of same non-existent entity would be without jurisdiction ... that assessee has not given any intimation to the learned Assessing Officer about the merger or has withheld the information or suppressed fact of amalgamation. The conduct of the assessee also does not reflect that fact of amalgamation / merger was not to be disclosed. Therefore, the facts of the present

Cyquator Media Services Private Limited, Mumbai vs. Dy.Commissioner of Income Tax Central Circle-6(2)(1), Mumbai

In the result, the appeal by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

exempt income earned during the year. In response thereto, the assessee submitted that part of its investment was received pursuant to the scheme of amalgamation and thus there was no outflow of funds for acquisition of these investments. As regards the balance investment, the assessee submitted that it had sufficient ... read with Rule 8D. From the annual report of the assessee for the financial year 2011-12, we find that the scheme of amalgamation between Essel Business Process Ltd and the assessee was sanctioned by the Hon’ble Bombay High Court on 02/12/2011, w.e.f. 15/10/2011. We further find that

Mrs Sunita Shyam Malpani, Mumbai vs. Income Tax Officer, Ward 25(1)(3), Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: Shri Pavan Kumar Gadalesunita Shyam Malpani, Vs. Ito 25(1)(3), 701,Plot No.117, Room No.703, Karanapartment, Kautilyabhavan, Lokhandwalacomplex, Bandra Bkc, Andheri (W), Mumbai-400051. Mumbai-400053. "थायी लेखा सं./जीआइआर सं.Pan/Gir No.Acppm8552J (अपीलाथ"/Applicant) (""यथ"/Respondent)

sale of shares are genuine. Even otherwise the holding of the shares by the assessee at the time of allotment subsequent to the amalgamation/ merger is not in doubt, therefore, the transaction cannot be held as bogus. Accordingly we delete the addition made by the AO on this account

Meenu Ajay Pathak, Mumbai vs. I.T.O.- 32(2)(3), Mumbai

In the result, the appeal by the assessee is dismissed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

providing accommodation entries of bogus long-term capital gain. In the said statement, Mr. Vipul Vidur Bhatt also admitted that he had managed the amalgamation of M/s Sunrise Asian Ltd. with M/s Conart Traders Ltd., and thereafter the shareholders of M/s Conart Traders Ltd were allotted shares of M/s Sunrise ... Asian Ltd. in the swap ratio of 1:1. It was further admitted that once the amalgamation was done, the price of shares of M/s Sunrise Asian Ltd. was rigged and increased through circular trading, thereafter the beneficiaries of bogus long term capital gains were asked to sell the shares

M/S. Siemens Healthcare Diagnostics Ltd., Baroda vs. The ACIT., Circle-4, Baroda

The appeals of the assessee are allowed

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

this legal issue. 3. The Learned AR submitted that the assessee herein was initially known as M/s. Siemens Health Care Diagnostics Limited (SHDL). It amalgamated with “Siemens Limited” by virtue of order dated 28.01.2011 passed by Hon'ble Bombay High Court and the order dated 1st March 2011 passed ... Gujarat High Court pursuant to amalgamation petition filed by both the parties. The “appointed date” for amalgamation was 1st October 2009 and upon giving effect to the order of High Courts, the assessee company stood dissolved from the appointed date and merged with M/s. Siemens Limited. 4. The Learned

Abbott India Ltd, Mumbai vs. Addl CIT RG 7(2), Mumbai

In the result appeal filed by the assessee for both the assessment years are allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Chaudhary, Jm Ita No. 2032/Mum/2014 (Assessment Year2009-10)

preferred this appeal before us. 11. Further Fact shows that Hon'ble Bombay High Court vide order dated 15th i July, 2011, approved amalgamation scheme, wherein Solvay Pharma India Ltd amalgamated with Abbott India Ltd. As per scheme of amalgamation the appointed date was 1st January, 2011 and effective date ... completed. (Page number 1 – 33 of the paper book) ii Assessee filed form no.21 with MCA intimating that Solvay Pharma India Ltd has amalgamated with Abbott India Ltd on 1st November, 2011. (Page number 34 – 38 of the paper book) By letter dated 10th August, 2011, the assessee iii informed

Abbott India Ltd.(Solvay Pharma India Ltd), Mumbai vs. Addl.C.I.T. RG.7(2), Mumbai

In the result appeal filed by the assessee for both the assessment years are allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Chaudhary, Jm Ita No. 2032/Mum/2014 (Assessment Year2009-10)

preferred this appeal before us. 11. Further Fact shows that Hon'ble Bombay High Court vide order dated 15th i July, 2011, approved amalgamation scheme, wherein Solvay Pharma India Ltd amalgamated with Abbott India Ltd. As per scheme of amalgamation the appointed date was 1st January, 2011 and effective date ... completed. (Page number 1 – 33 of the paper book) ii Assessee filed form no.21 with MCA intimating that Solvay Pharma India Ltd has amalgamated with Abbott India Ltd on 1st November, 2011. (Page number 34 – 38 of the paper book) By letter dated 10th August, 2011, the assessee iii informed

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

revenue appeal is allowances of depreciation of Rs. 4,92,22,196/- on M/s. JSW Steels Ltd. increased WDV of assets transferred on amalgamation. The ld. AR for the assessee, at the outset, submitted that the issue is squarely covered in favour of the assessee by the decision ... case for AY 2006-07 in [2020] 180 ITD 505 (Mumbai - Trib.), where it has been held that WDV in the hands of the amalgamated company was to be calculated without considering the unabsorbed depreciation of the amalgamating companies, for which set off was never allowed

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

revenue appeal is allowances of depreciation of Rs. 4,92,22,196/- on M/s. JSW Steels Ltd. increased WDV of assets transferred on amalgamation. The ld. AR for the assessee, at the outset, submitted that the issue is squarely covered in favour of the assessee by the decision ... case for AY 2006-07 in [2020] 180 ITD 505 (Mumbai - Trib.), where it has been held that WDV in the hands of the amalgamated company was to be calculated without considering the unabsorbed depreciation of the amalgamating companies, for which set off was never allowed

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

revenue appeal is allowances of depreciation of Rs. 4,92,22,196/- on M/s. JSW Steels Ltd. increased WDV of assets transferred on amalgamation. The ld. AR for the assessee, at the outset, submitted that the issue is squarely covered in favour of the assessee by the decision ... case for AY 2006-07 in [2020] 180 ITD 505 (Mumbai - Trib.), where it has been held that WDV in the hands of the amalgamated company was to be calculated without considering the unabsorbed depreciation of the amalgamating companies, for which set off was never allowed

DCIT CC 8(3)(Erstwhile DCIT, CC-46, Mumbai vs. Jsw Steels Ltd, Mumbai

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

revenue appeal is allowances of depreciation of Rs. 4,92,22,196/- on M/s. JSW Steels Ltd. increased WDV of assets transferred on amalgamation. The ld. AR for the assessee, at the outset, submitted that the issue is squarely covered in favour of the assessee by the decision ... case for AY 2006-07 in [2020] 180 ITD 505 (Mumbai - Trib.), where it has been held that WDV in the hands of the amalgamated company was to be calculated without considering the unabsorbed depreciation of the amalgamating companies, for which set off was never allowed