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TMI Blog2023 (8) TMI 1485X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the scheme, it is open to the Court to modify the said date and prescribe such date of amalgamation/transfer as it thinks appropriate in the facts and circumstances of the case. However, if the Court so specifies a date, there is little doubt that such date would be the date of amalgamation/date of transfer. But, where the Court does not prescribe any specific date but merely sanctions the scheme presented to it, it should follow that the date of amalgamation/date of transfer is the date specified in the scheme as the transfer date and it cannot be otherewise. Also examined the Form 26AS of the amalgamating companies and find that TDS is deducted in the name of transferee companies but that is immaterial when the scheme is approved by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchandise Pvt. Ltd., M/s. Mahajogi Vinimay Pvt. Ltd., M/s. Narmoda Commercial Pvt. Ltd., M/s. Pushkara Commosales Pvt. Ltd., M/s. Sponsor Tracom Pvt. Ltd. with the assessee i.e. M/s. Popular Complex Advisory Pvt. Ltd. was approved on 20.01.2022 w.e.f. the appointed date i.e. 01.10.2020 u/s 233 of the Companies Act, 2013. In view of the above amalgamation the assessee company pursuant to Clause 16 of Part III of the Scheme, wherein it was clearly stated that all taxes including TDS as well as including all or any refunds, credits and claims, incentives or other benefits belonging to the transferor companies from the appointed date onwards, be treated as the credits, claims and tax benefits of the transferee company and accordingly the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entives or other benefits belonging to the transferor companies from the appointed date shall be treated as belonging to the transferee company. Accordingly, the assessee claimed TDS of Rs. 3,31,880/- in the return of income which originally belonged to the four amalgamating entities namely M/s. Kanha Vincom Pvt. Ltd., M/s. Lilac Merchandise Pvt. Ltd., M/s. Narmoda Commercial Pvt. Ltd. and M/s. Pushkara Commosales Pvt. Ltd. prior to the date of amalgamation with effect from 01.10.2020. We have perused the Scheme of amalgamation approved by the Hon'ble High Court and note that the appointed dated is 01.10.2020. In our opinion the said claim of the assessee is genuine as per the provisions of the Act and is squarely covered by the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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