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TMI Blog1979 (9) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... under s. 256(2) of the I.T. Act, 1961 (hereinafter referred to as " the said Act "), for directing the Income-tax Appellate Tribunal to state a case and to refer to this court for determination of the following questions: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the effective date of amalgamation is July 1, 1971, relying only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 1972-73 ? " As far as questions Nos. 1 and 2 are concerned, as the Tribunal has pointed out in its order rejecting the application for making a reference to this court, both these questions are misleading, because the Tribunal has not based its conclusions regarding the effective date of amalgamation merely on the basis of cls. (1), (2) and (3) of the scheme of amalgamation, but h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Companies Act, 1956, deals with reconstruction and amalgamation of companies. Sub-section (2) of that section, inter alia, provides that where an order provides for the transfer of any property or liabilities, then, by virtue of the order, that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of the transferee-company. In vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be deemed to have been and to be carrying on all business and activities for and on account of the transferee-company until the effective date referred to in cl. (15) thereof. In view of what has been stated above, we see no reason to direct the Tribunal to state a case and refer the aforestated questions to this court as applied for by Mr. Joshi. The application is, therefore, dismissed and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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