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TMI Blog2017 (5) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... eased to be in existence from the said date and was not liable for assessment for the Financial Year (1.4.2008 to 31.4.2009). The questions are answered accordingly in favour of the assessee and against the revenue and it is held that Income Tax Appellate Tribunal has not committed any illegality in holding 1.4.2008 as the effective date of amalgamation. - Income Tax Appeal No. 306 of 2013 - - - Dated:- 5-5-2017 - Hon'ble Pankaj Mithal And Hon'ble Vinod Kumar Misra, JJ. For Appellant : C.S.C. For Respondent : Abhinav Mehrotra ORDER Heard Sri Subham Agarwal, learned counsel for the petitioner and Sri Abhinav Mehrotra, learned counsel for the respondent. The appellant is aggrieved by the order of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le for filing return for that and earlier year? There were six companies in all. All of them entered into a scheme of amalgamation. One of them was Rave Entertainment Private Limited. Under the scheme the above Rave Entertainment Private Limited and 4 others amalgamated with Adlabs Films Limited now named as Reliance Media Works Limited, Mumbai. The scheme provided 1st of April 2008 as the appointed date from which it was to came into effect or any other date as may be prescribed by the Bombay High court. The scheme was sanctioned by the Bombay High Court on 8.5.2009 and the same was filed before the Registrar of Companies on 1.6.2009. The Bombay High Court in sanctioning the scheme had not specified any other date from which the sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.1.1984. The transferor companies names were struck of from the register of the Registrar of companies on 21.1.1986. The Supreme Court held that where the scheme provides for the appointed date from which the scheme would be effective and the court has not provided otherwise but merely sanctions the scheme presented to it, it shall follow that the date of amalgamation specified in the scheme would be the date of transfer. It would not be appropriate and reasonable to hold that the scheme of amalgamation takes effect on or from the date of the order sanctioning the scheme or from the date of its filing before the Registrar of Companies or its registration thereof by him. The scheme becomes effective from the appointed date mentioned in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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