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“transferee company”

Mergers & RestructuringSection 2(1B)Section 2(1B)236 judgments

The decision most relied on for transferee company is Spice Infotainment Ltd. v. CIT (247 CTR 500), cited in 114 judgments on BharatTax.

Leading authorities on transferee company

Spice Infotainment Ltd. v. CIT
247 CTR 500 · 2012 · High Court
114
citing judgments

An assessment framed in the name of a company that has ceased to exist due to amalgamation is invalid, even if the amalgamated company participated in the proceedings. Such a defect cannot be cured under section 292B of the Income-tax Act.

Pentasoft Technologies Ltd. v. DCIT
41 Taxmann.com 120 · 2014 · High Court
58
citing judgments

A non-compete fee paid as part of a business acquisition or transaction constitutes an intangible asset, eligible for depreciation under Section 32(1)(ii) of the Income-tax Act.

CIT v. Smifs Securities Ltd.
87 Taxmann.com 82 · 2017 · High Court
38
citing judgments

Depreciation is allowable on goodwill as an intangible asset under Section 32(1)(ii) when it arises from a scheme of amalgamation or similar corporate restructuring.

Marshall Sons & Co. (India) Ltd. v. ITO
223 ITR 809 · 1997 · Supreme Court
29
citing judgments

In cases of amalgamation, the computation of income should be done with reference to periods before and after the appointed day, not the date of court sanction. Amalgamating companies cease to exist in law upon amalgamation.

Dalmia Power Ltd. v. ACIT
420 ITR 339 · 2020 · Supreme Court
21
citing judgments

Once a scheme of arrangement or amalgamation has been sanctioned by a competent court and due notice has been issued to the income tax department, the binding nature of the scheme cannot be challenged during its implementation, as it attains statutory force.

CIT v. Intel Techno India P. Ltd.
57 Taxmann.com 159 · 2015 · High Court
15
citing judgments

An assessment framed in the name of a company that no longer exists due to amalgamation is a nullity and cannot be cured by Section 292B. The assessment proceedings are void if notice is not issued to the transferee company.

Judgments citing transferee company

DCIT, Circle-1(1), Hyderabad vs. Prakash Nimmagadda, Hyderabad, Secunderabad

In the result, appeal filed by the Revenue is dismissed

ITA 974/HYD/2017[2008-09]Status: DisposedITAT Hyderabad16 Dec 2024AY 2008-09

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.974/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2008-09) Dy.Cit Vs. Shri Prakash Nimmagadda Circle 1(1) Hyderabad Hyderabad Pan:Acbpn4246R (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.C. Devdas, Ca राज" व "ारा/Revenue By:: Dr. Meghnath Chowhan, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 16/12/2024 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Revenue Is Directed Against The Order, Dated 20/03/2017 Of The Learned Cit (A)-9, Hyderabad, Relating To A.Y.2008-09. 2. The Revenue Has Raised The Following Grounds:

For Appellant: Shri K.C. Devdas, CAFor Respondent: : Dr. Meghnath Chowhan, CIT(DR)
Section 17(2)(c)Section 28

convenience and to obtain advantage of economies of large scale, the present scheme is proposed to amalgamate the transferor company (i.e. VVPL) with the transferee company (i.e. the assessee)". As a result of amalgamation, the assessee, being the transferee company, will increase its assets and liabilities, and, even if there

ACIT-1(1)(1), Mumbai. vs. Bennett Property Holdings Company Limited, Mumbai

ITA 557/MUM/2024[2018-19]Status: DisposedITAT Mumbai12 Dec 2024AY 2018-19
Section 10(38)Section 115JSection 143(3)Section 14A(2)Section 32(1)Section 72A(2)Section 72A(4)

IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA

ACIT-1(1)(1), Mumbai vs. Bennett Property Holdings Company Limited, Mumbai

ITA 556/MUM/2024[2017-18]Status: DisposedITAT Mumbai12 Dec 2024AY 2017-18

Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Madhur Agarwal &For Respondent: Shri Kailash C. Kanojiya &
Section 115JSection 143(3)Section 14A(2)Section 32(1)Section 72A(2)Section 72A(4)

Suryashankar Properties Limited ('Suryashankar’/’Transferor Company 8') herein after collectively referred to as (the ‘Transferor Companies’) with Bennett Property Holdings Company Limited ('BPHCL / ‘Transferee Company') and demerger of Real Estate Services Undertaking of Banhem Estates & IT Parks Limited ('Banhem’/'Demerged Company') into BPHCL and their respective Shareholders and Creditors. Aadidev ... Anagha, Aryabhata, Sushena, Shubhan, Vaidehi, Nandeeshwar, Suryashankar and Banhem are part of the Transferee Company ('the Group') and are wholly owned subsidiaries of BPHCL. The Group proposes to consolidate Andidev, Anagha, Aryabhata, Sushena, Shubhan, Vaidehi, Nandeeshwar, Suryashankar with BFHCL and, segregate the Real Estate Services Undertaking of Banhem into BPHCL

Bennett Property Holdings Company Limited, Mumbai vs. Deputy Commissioner of Income Tax - 1 (1) (1), Mumbai

ITA 502/MUM/2024[2017-18]Status: DisposedITAT Mumbai12 Dec 2024AY 2017-18
For Respondent: Shri Kailash C. Kanojiya & Ms. Kaveeta Punit Kaushik Date Conclusion of hearing
Section 10(38)Section 115JSection 143(3)Section 14A(2)Section 32(1)Section 72A(2)Section 72A(4)

IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA

Bennett Property Holdings Company Limited, Mumbai vs. Additional -Joint -Deputy-Asst. Commissioner of Income Tax- ITO, Delhi

ITA 302/MUM/2024[2018-19]Status: DisposedITAT Mumbai12 Dec 2024AY 2018-19
For Appellant: Shri Madhur Agarwal & Shri Fenil Bhatt For theFor Respondent: Shri Kailash C. Kanojiya & Ms. Kaveeta Punit Kaushik Date Conclusion of hearing
Section 10(38)Section 115JSection 143(3)Section 14A(2)Section 32(1)Section 72A(2)Section 72A(4)

IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA

Indus Towers Limited (Formerly Known As Bharti Infratel Ltd and As Successor in Interest of Erstwhile Indus Tower Ltd), Gurugram, Haryana vs. DCIT, Circle 12(1), New Delhi

In the result, the appeal of the revenue is dismissed

ITA 2762/DEL/2023[2010-11]Status: DisposedITAT Delhi10 Dec 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Vimal Kumarindus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Acit, Vs. Indus Towers Ltd, 4Th Floor, Dlf Cybercity, Central Circle-10, New Delhi Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Indus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Assessee By : Shri Ajay Vohra, Sr. Adv Shri Rohit Jain, Adv Shri Deepesh Jain, Adv Ms. Shaurya Jain, Ca Revenue By: Shri Mukesh Kumar Jain, Cit Dr Date Of Hearing 12/09/2024 Date Of Pronouncement 10/12/2024

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Mukesh Kumar Jain, CIT DR
Section 115JSection 139(5)Section 142Section 143(3)Section 148

liability was within the purview of income tax department and that the department would be free to pursue either transferor company or transferee company notwithstanding the sanction of the Court. The scheme per se was sanctioned by the Hon'ble Delhi High Court to be ITA No. 2212/Del/2023 Indus Towers ... questioned or challenged at the time of implementation of the scheme as the scheme had attained statutory force not only between the transferor or transferee company but also between statutory authorities to whom notices were issued by the Court. Needless to mention that every scheme of arrangement and amalgamation must

ACIT, Circle 10, New Delhi vs. Indus Tower Limited, Gurgaon

In the result, the appeal of the revenue is dismissed

ITA 2212/DEL/2023[2010-11]Status: DisposedITAT Delhi10 Dec 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Vimal Kumarindus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Acit, Vs. Indus Towers Ltd, 4Th Floor, Dlf Cybercity, Central Circle-10, New Delhi Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Indus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Assessee By : Shri Ajay Vohra, Sr. Adv Shri Rohit Jain, Adv Shri Deepesh Jain, Adv Ms. Shaurya Jain, Ca Revenue By: Shri Mukesh Kumar Jain, Cit Dr Date Of Hearing 12/09/2024 Date Of Pronouncement 10/12/2024

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Mukesh Kumar Jain, CIT DR
Section 115JSection 139(5)Section 142Section 143(3)Section 148

liability was within the purview of income tax department and that the department would be free to pursue either transferor company or transferee company notwithstanding the sanction of the Court. The scheme per se was sanctioned by the Hon'ble Delhi High Court to be ITA No. 2212/Del/2023 Indus Towers ... questioned or challenged at the time of implementation of the scheme as the scheme had attained statutory force not only between the transferor or transferee company but also between statutory authorities to whom notices were issued by the Court. Needless to mention that every scheme of arrangement and amalgamation must

Indus Towers Ltd., Gurgaon vs. DCIT Circle 12(1), New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1962/DEL/2023[2010-11]Status: DisposedITAT Delhi10 Dec 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Vimal Kumarindus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Acit, Vs. Indus Towers Ltd, 4Th Floor, Dlf Cybercity, Central Circle-10, New Delhi Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Indus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Assessee By : Shri Ajay Vohra, Sr. Adv Shri Rohit Jain, Adv Shri Deepesh Jain, Adv Ms. Shaurya Jain, Ca Revenue By: Shri Mukesh Kumar Jain, Cit Dr Date Of Hearing 12/09/2024 Date Of Pronouncement 10/12/2024

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Mukesh Kumar Jain, CIT DR
Section 115JSection 139(5)Section 142Section 143(3)Section 148

liability was within the purview of income tax department and that the department would be free to pursue either transferor company or transferee company notwithstanding the sanction of the Court. The scheme per se was sanctioned by the Hon'ble Delhi High Court to be ITA No. 2212/Del/2023 Indus Towers ... questioned or challenged at the time of implementation of the scheme as the scheme had attained statutory force not only between the transferor or transferee company but also between statutory authorities to whom notices were issued by the Court. Needless to mention that every scheme of arrangement and amalgamation must

Dow Chemical International Private Limited, Thane vs. Deputy Commissioner of Income Tax - 14(1)(2), Mumbai

ITA 3772/MUM/2023[2016-17]Status: DisposedITAT Mumbai25 Nov 2024AY 2016-17

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

For Appellant: Shri Rajan VoraFor Respondent: Ms. Rajeshwari Menon, Sr. AR /
Section 142(1)Section 143(2)Section 143(3)Section 250Section 32

goodwill or such intangible asset in its accounts which could become a subject matter of transfer or vesting of the asset to the transferee company, i.e. the assessee. It, therefore, could not be accepted that the assessee incurred any additional cost on account of goodwill (intangible asset). 5. In making ... further act, instrument or deed, be and stand transferred to and vested in or deemed to be transferred to and vested in the Transferee Company. a. With effect from the Appointed Date, all the equity shares, debentures, bonds, notes, guarantees, bank guarantees or other securities held by the Transferor Company

Dow Chemicals International Private Limited, Mumbai vs. Deputy Commissioner of Income Ta-14(1)(2), Mumbai

ITA 1200/MUM/2023[2018-2019]Status: DisposedITAT Mumbai25 Nov 2024AY 2018-2019

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhail

For Appellant: Shri Rajan VoraFor Respondent: Ms. Rajeshwari Menon, Sr. AR /
Section 142(1)Section 143(2)Section 143(3)Section 250Section 32

goodwill or such intangible asset in its accounts which could become a subject matter of transfer or vesting of the asset to the transferee company, i.e. the assessee. It, therefore, could not be accepted that the assessee incurred any additional cost on account of goodwill (intangible asset). 5. In making ... further act, instrument or deed, be and stand transferred to and vested in or deemed to be transferred to and vested in the Transferee Company. a. With effect from the Appointed Date, all the equity shares, debentures, bonds, notes, guarantees, bank guarantees or other securities held by the Transferor Company

Steel City Beverages Limited, New Delhi vs. ITO, Ward-24(1), New Delhi

In the result the appeal of the assessee ispartly allowed for statistical purpose

ITA 3133/DEL/2023[2018-19]Status: DisposedITAT Delhi25 Nov 2024AY 2018-19

Bench: Sh.M. Balaganesh & Sh. Sudhir Kumarassessment Year: 2018-19 Steel City Beverages Vs Ito Limited, C/O Advocate Ward- 24 (1) Kanika Jain D-80, Lgf New Delhi Panchsheel New Delhi - 1110017 Pan No.Aaccs3967M (Appellant) (Respondent)

Section 142Section 143Section 143(2)Section 143(3)Section 36Section 40Section 40ASection 47A(7)

took the view that the assessee was entitled to deduction under section 40A(7). In the facts of this case, the payment to the transferee company was made with the consent and approval of the employee, Shri Ajit Shah. He also passed a receipt. The gratuity liability which w hitherto ... subsisting against the assessee-company was taken over by the transfer company since the amount was made over by the transferee company to the transfer company on 6-7-1991, the date on which the assessee-company terminated the service of Shri Ajit Shah. Under the circumstances, the gratuity amount

The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad vs. Suzlon Energy Ltd., Ahmedabad

In the result the Ground Nos

ITA 303/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

reads as follows: Clause 12.2: The "value of investments" in equity shares as well as preference shares of the Transferor companies held by the Transferee company "shall stand cancelled" in the books of the Transferee company, without further act or deed. The "cost of acquisition" of such equity and preference ... shares in the hands of transferee company, shall be treated as "consideration" paid for acquisition of business of the Transferor Companies. Clause 12.6: The "difference" arising between the "net asset value" taken over (i.e. assets minus external liabilities) of the Transferor companies and the "value of investments" as 7 I.T.A

The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad vs. Suzlon Energy Ltd., Ahmedabad

In the result the Ground Nos

ITA 302/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2016-17

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

reads as follows: Clause 12.2: The "value of investments" in equity shares as well as preference shares of the Transferor companies held by the Transferee company "shall stand cancelled" in the books of the Transferee company, without further act or deed. The "cost of acquisition" of such equity and preference ... shares in the hands of transferee company, shall be treated as "consideration" paid for acquisition of business of the Transferor Companies. Clause 12.6: The "difference" arising between the "net asset value" taken over (i.e. assets minus external liabilities) of the Transferor companies and the "value of investments" as 7 I.T.A

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 199/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

reads as follows: Clause 12.2: The "value of investments" in equity shares as well as preference shares of the Transferor companies held by the Transferee company "shall stand cancelled" in the books of the Transferee company, without further act or deed. The "cost of acquisition" of such equity and preference ... shares in the hands of transferee company, shall be treated as "consideration" paid for acquisition of business of the Transferor Companies. Clause 12.6: The "difference" arising between the "net asset value" taken over (i.e. assets minus external liabilities) of the Transferor companies and the "value of investments" as 7 I.T.A

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 198/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2016-17

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

reads as follows: Clause 12.2: The "value of investments" in equity shares as well as preference shares of the Transferor companies held by the Transferee company "shall stand cancelled" in the books of the Transferee company, without further act or deed. The "cost of acquisition" of such equity and preference ... shares in the hands of transferee company, shall be treated as "consideration" paid for acquisition of business of the Transferor Companies. Clause 12.6: The "difference" arising between the "net asset value" taken over (i.e. assets minus external liabilities) of the Transferor companies and the "value of investments" as 7 I.T.A

Assistant Commissioner of Income Tax, Indore vs. Commander Industries Private Limited, Indore

ITA 24/IND/2024[2020-21]Status: DisposedITAT Indore25 Oct 2024AY 2020-21
Section 139(1)Section 142(1)Section 143(2)Section 32(1)Section 43(1)Section 43(6)(c)Section 47

issued by the ICAI, all assets and liabilities recorded in the books of account of transferor company shall stand transferred and vested in the transferee company pursuant to scheme and shall be recorded by the transferee company at their book value. The excess of or deficit in net asset value ... transferee company, after reducing aggregate face value of shares issued by the transferee company to the members of the transferor company, pursuant to the scheme and cost of investment in the books of the transferee company for the shares of transferor company held by it on the effective date

ACIT, Circle-1(1)(1), Ahmedabad, Vejalpur vs. Aia Engineering Limited, Ahmedabad

In the result, the appeal filed by the Revenue is dismissed, whereas the appeal filed by the assessee is allowed

ITA 532/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad21 Oct 2024AY 2016-17

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarआयकर अपील सं / Ita No. 397/Ahd/2024 िनधा"रण वष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Dcit Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J आयकर अपील सं / Ita No. 532/Ahd/2024 िनधा"रणवष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Acit, Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" िनधा"रती की ओर से / Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar ""थ" की ओर से / Revenue By : Shri Pratik Sharma, Sr Dr & Shri Sudhendu Das, Cit-Dr तारीख/Date Of Hearing : 09.10.2024 सुनवाई क" क" तारीख सुनवाई सुनवाई सुनवाई क" क" तारीख तारीख घोषणा क" क" तारीख तारीख /Date Of Pronouncement: 21.10.2024 घोषणा घोषणा घोषणा क" क" तारीख तारीख आदेश आदेश/O R D E R आदेश आदेश

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Shri Pratik Sharma, Sr DR &
Section 154Section 250Section 32

Indian company, then, notwithstanding anything contained in clause (1), the actual cost of the block of assets in the case of the transferee-company or the amalgamated company, as the case may be, shall be the written down value of the block of assets as in the case ... depreciation on the goodwill acquired by it. Thus the controversy arises whether the goodwill generated in the scheme of amalgamation is acquired by the transferee company. Such controversy has been answered by the Hon'ble Supreme Court in the case of Smifs securities Ltd. (supra) by holding as under

Asianet Star Communications Private Limited, Chennai vs. ACIT, Non Corporate Circle-10(1), Chennai

ITA 934/CHNY/2022[2018-19]Status: DisposedITAT Chennai18 Oct 2024AY 2018-19

Bench: Shri Mahavir Singhand Shri Jagadish

For Appellant: Shri Porus F Kaka, Senior AdvocateFor Respondent: Ms. R. Anita, Addl.CIT
Section 10Section 10(38)Section 143(3)Section 14ASection 154

effective date, the business of Transferor Company shall be carried out by the Transferor Company in trust and for and on behalf of the Transferee Company. It means that the merger or amalgamation is with effect from the appointed date i.e., 01.10.2017. The ld.counsel for the assessee for this relied ... followed and complied with. During the period the proceedings are pending before the Court, both the amalgamating units, i.e., the Transferor Company and the Transferee Company may carry on business, as has happened in this case but normally provision is made for this aspect also in the scheme of amalgamation

The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda vs. M/S. Sun Pharma Laboratories Ltd., Mumbai

In the result, the Department’s appeal is partly allowed

ITA 741/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad09 Oct 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 36(1)(va)Section 37(1)Section 80Section 80I

permitting the assessee company to recognize the asset at fair value is as reproduced below: “9. Accounting by Transferor Company and the Transferee Company in respect of transfer of domestic formulations undertaking (i) Accounting treatment in the books of the Transferor Company: ……. (ii) Accounting treatment in the books ... Transferee Company: a) Upon coming into effect of this scheme and upon the arrangement becoming operative, the Transferee Company shall record the assets transferred to and vested in them pursuant to this Scheme, at the estimated fair values of the respective assets as on the Appointed date. The decision

Sun Pharma Laboratories Ltd., Mumbai vs. The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda

In the result, the Department’s appeal is partly allowed

ITA 712/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad09 Oct 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 36(1)(va)Section 37(1)Section 80Section 80I

permitting the assessee company to recognize the asset at fair value is as reproduced below: “9. Accounting by Transferor Company and the Transferee Company in respect of transfer of domestic formulations undertaking (i) Accounting treatment in the books of the Transferor Company: ……. (ii) Accounting treatment in the books ... Transferee Company: a) Upon coming into effect of this scheme and upon the arrangement becoming operative, the Transferee Company shall record the assets transferred to and vested in them pursuant to this Scheme, at the estimated fair values of the respective assets as on the Appointed date. The decision