9911796707
TMI Blog2012 (6) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... AY 86-87 Tribunal decided in favor of assessee holding that amalgamation was effective from 1st July, 1982 and accordingly income of Indofil Chemicals Ltd. was assessable in the hands of the petitioner (Modipon Ltd.) on the basis of the scheme of amalgamation which was effective from 1st July, 1982. Since Tribunal order became final, petitioner is entitled to succeed in the present writ petitions and the reassessment notices issued are accordingly set aside and quashed. - W.P.(C) 1623/1990, W.P.(C) 1624/1990, W.P.(C) 2215/1991 - - - Dated:- 15-5-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Mr. Santosh K. Aggarwal, Adv. For Respondent: Mr.Sanjeev Sabharwal, Sr.Standing Counsel SANJIV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment years 1984-85 and 1985-86 as defined in Section 2 (1A) of the Act. 4. Some of the relevant facts which have been discussed in the assessment order for the assessment year 1986-87 have been taken into consideration while recording the reasons for initiating the re-assessment proceedings. 5. There is no provision in section 147 or 148 of the Act for supplying copies of the reasons, gist of which has already been stated above. 6. Your request for extension of three months for filing the returns of income for the assessment years 1984-85 and 1985-86 cannot be acceded to since no reasonable cause has been made out in your letter date 22.8.1989. 3. We may notice that the Assessing Officer had earlier computed and completed the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1988 at nil income as by then, the scheme of amalgamation had been approved by the courts. 7. The scheme of amalgamation required approval of the Bombay High Court as Indofil Chemicals Ltd. had its registered office in Mumbai. On 16th September, 1985, the scheme of amalgamation was approved by the Bombay High Court. The scheme of amalgamation in the case of the petitioner (Modipon Ltd.) was approved by the Allahabad High Court on 9th July, 1985. The Government of India, Ministry of Industries and Company Affairs, Department of Company Affaires had earlier approved the scheme of amalgamation after calling for the report from Central Board of Direct Taxes on 17th January, 1985. This was necessary in view of Section 23(2) of the Monopolies a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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