9911796707
TMI Blog2012 (11) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment years, as claimed, even though the sole idea of amalgamation was not the revival of the amalgamating company but was only to take the benefit of carry forward losses. 2. During hearing of this appeal, we have heard Shri Darshan Singh, learned CIT/DR and Shri Hitesh Chimnani, ld. Counsel for the assessee. At the outset, the ld. Counsel for the assessee claimed that the impugned issue is covered by the decision of the Tribunal in the case of the assessee itself vide order in ITA No. 35/Ind/2005 dated 18th November, 2009. This factual matrix was not controverted by the Revenue. 3. We have considered the rival submissions and perused the material available on the record. In view of the above assertion, we are reproducing hereunder th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Services Limited. It was also brought to the notice that the orders of the Hon'ble High Courts of Delhi and Madhya Pradesh approving the amalgamation were received subsequent to filing of returns by both the companies separately for assessment year 1997-98. However, revised return of the amalgamated entity was filed on 28.11.1997 declaring a loss of Rs. 2,56,39,053/-, which comprised of business loss of unabsorbed depreciation. The A.O. noted that in the revised return, three were no brought forward business loss or unabsorbed depreciation pertaining to erstwhile Siel Financial Services Limited and unabsorbed depreciation and business loss brought forward to the tune of Rs. 8,03.98,393/- and Rs. 8,68,35,217/- pertained to M/s Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee held that the assessee was eligible for carry forward and set off of such brought forward losses. The relevant findings of the ld. CIT(A) are as under :- "I have examined the contentions of the A.O. as well as the AR and also the explanation during the appellate stage. It appears that there has been some confusion regarding the name of the company, losses of which are available to the appellant company for set off. In case there were losses duly assessed for earlier year's available in case of Shriram Agro Tech Industries Limited which was the company being assessed with the A.O. at Bhopal and whose name has been changed to Siel Financial Services with effect from 23.6.1998 the appellant would be entitled to set off of suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he concerned Hon'ble High Courts on 5.12.1997 and only thereafter a consolidated return was filed for the amalgamated entity and original returns of both the entities prior to such amalgamation had been filed within the due date i.e. 28.11.1997. Hence, there was no violation of provisions of section 80, as the return of new entity had to be related back to their separate returns. It was also contended that the provisions of section 72A were not at all attracted because the assessee had not claimed any set off of unabsorbed brought forward loss or unabsorbed depreciation of amalgamating company i.e. Siel Financial Services Limited. He further contended that as per the amended provisions of section 72, now there was no requirement of same bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law. Accordingly, we dismiss this ground of the Revenue." 3.1 If the observation made in the assessment order, conclusion drawn in the impugned order, assertion made by the learned respective counsel and the conclusion drawn in the aforesaid order, are kept in juxtaposition and analysed, we find that there is categorical finding, which is based upon the submission of the assessee, that the Hon'ble jurisdictional High Court and also the Hon'ble Delhi High Court have duly approved the scheme of amalgamation. Even otherwise, the learned CIT(A) has followed the aforesaid decision of the Tribunal dated 18th November, 2009. The Hon'ble Madras High Court in the case of Pentamedia Graphics Limited v. ITO; 43 DTR 256 held as under :- " Once t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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