2019 (2) TMI 1277

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..... ed as if the profit or loss belongs to the company. The scheme of demerger was approved by the High Court which would take effect from earlier date. The assessee promptly brought these developments to the notice of the Assessing Officer and invited the order of reassessment making necessary adjustments in terms of the order of demerge - while filing the return itself, the assessee had brought .....

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..... ecord would suggest that the respondent assessee a company registered under the Companies Act had filed its return of income for the assessment year 2006- 07 in which certain claim was made which resulted into company filing loss return. Subsequently, the Rajasthan High Court approved a scheme of demerger of the company. The demerger would take effect from the appointed date which would be interio .....

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..... ralia observing that there was no effort or even intention on the part of the assessee to conceal any particulars of income or to provide inaccurate particulars of such income. 3. We see no reason to interfere. The facts are eloquent. At the time, when the assessee filed the return, the scheme for demerger was in pipeline. The assessee, therefore, had to make the claim in the return filed .....

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