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TMI Blog2023 (9) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... out appreciating the fact that no real change in ownership has taken place because of amalgamation and the real ownership remained with the assessee company, M/s BSBK Engineers Pvt Ltd. 3. Briefly stated, the facts of the case are that the assessee filed return of income electronically on 12.01.2016 declaring total income of Rs. 3,43,18,940/-. Return was selected for scrutiny assessment through CASS under Limited Scrutiny Category and, accordingly, statutory notices were issued and served upon the assessee. 4. The assessee is engaged in the business of generation of electricity through wind turbine generators. The assessee company was primarily engaged in the business of providing services relating to designing and manufacturing. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year's capital loss in the return. 8. During the course of scrutiny assessment proceedings, the assessee was asked to justify such claim of loss. 9. In its reply, the assessee explained the transaction in light of agreement between the assessee and the party involved and assets and liabilities are transferred as per the arrangement approved by the Hon'ble High Court of Allahabad. 10. On examination of the details, the Assessing Officer formed a strong belief that ultimate beneficial ownership rests with the share holders of the company and even after affecting the Scheme of Arrangement, real ownership remained with the assessee as the company BESPL became subsidiary of the holding company, which is the assessee, and there is no chang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial structure to the creditors and achieve better cash flows. This will contribute substantially towards enhancement of the shareholder value of the Companies involved; (ii) The transfer will enable consolidation and integration of the PC operations of the Transfer or companies and Transferee Company and enable the Transferee Company to offer end to end solutions from one entity as opposed to multiple entities; (iii) Consolidate and enhance both Technical pre-qualification and financial qualification (i.e. the net worth) presently residing in different entities and enable the Transferee Company to compete and bid for new and bigger projects more competitively and effectively with the combined credentials, experience and track record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble High Court comprises of two sections: 1. It would be of relevance to note here that the said order of the Hon'ble High Court (enclosed at page nos. 17 to 56 of the P/b), comprised of two sections: ¡) Section I, which provides for the transfer of the EPC business of the assessee company (M/s. BSBK Engineers Private limited) and the EPC business of the company, M/s. Macawber Beekay Private Limited on a going concern basis and vesting of the same with the Transferee Company, M/s. BSBK Enviro Systems Pvt. Ltd. which shall be effective from 01/04/2014. ii) Section Il, which provides for the merger of the company, M/s. Macawber Beekay Private Limited and the company, M/s. Ecopulse Infra Limited with the assessee com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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