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TMI Blog2023 (4) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... d not be filed on account of the time taken to grant sanction to the scheme of amalgamation by NCLT. Section 139(5) of the Act deals with filing of revised return within a period of one year upon discovery of an omission or wrong statement made in the initial return of income. Supreme Court also referred to Section 170 of the Act and held that it is incumbent upon the Income Tax Department to assess the total income of the successor company in respect of the previous assessment year after the date of succession. Income Tax Department is required to assess the income of the successor company after taking into account the revised return filed after amalgamation of the company. In the facts and circumstances of that case, Supreme Court d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take on record the revised return filed by it for the assessment year 2021-2022 on 23.12.2022 along with forwarding letter dated 16.12.2022 after taking note of the scheme of amalgamation. 3. Petitioner- M/s.TSI Business Parks (Hyderabad) Private Limited (transferee company) and M/s. Millenial Business Park Private Limited (transferor company) had resolved on 03.06.2020 to amalgamate the transferor company with the transferee company. Therefore, a joint petition was filed under Sections 230 to 232 read with Section 66 of the Companies Act, 2013 and Rule 3 of the Companies (Compromise, Arrangements and Amalgamations) Rules, 2016 before the National Company Law Tribunal, Hyderabad (NCLT). Ultimately on 26.04.2021, NCLT approved the scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner in terms of the scheme of amalgamation approved by the NCLT. 8. In the hearing today, learned Senior Standing Counsel has placed before the Court provisions of Section 170A of the Income Tax Act, 1961 (briefly the Act hereinafter) inserted in the statute by the Finance Act, 2022 with effect from 01.04.2022. She has also placed before the Court, a copy of notification dated 19.09.2022 issued by the Central Board of Direct Taxes (CBDT), which deals with filing of modified return of income following business reorganization in terms of Section 170A of the Act and the format of such modified return of income. 9. However, we may mention that the assessment year in the present case is 2021-2022. Therefore, neither the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany in respect of the previous assessment year after the date of succession. Income Tax Department is required to assess the income of the successor company after taking into account the revised return filed after amalgamation of the company. In the facts and circumstances of that case, Supreme Court directed the Income Tax Department to receive the revised return of income for the assessment year 2016-2017 filed by the appellants therein and to complete the assessment for the said assessment year after taking into account the scheme of amalgamation as sanctioned by the NCLT. 12. Upon thorough consideration, we are of the view that the decision of the Supreme Court in Dalmia Power Limited (supra) is squarely applicable to the facts o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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