High Court Quashes Assessment Order on Amalgamation Grounds

Pallava Textiles Private Limited Vs Assessment Unit Income Tax Department (Madras High Court) Introduction: The Madras High Court recently rendered a judgment on the assessment order dated 31.12.2022 challenged by Pallava Textiles Private Limited. The case revolves around the amalgamation of Pallava Textiles and Cheran Synthetics, raising questions about the validity of the assessment process. Detailed Analysis: The petitioner contends that, post-amalgamation sanctioned by the NCLT Chennai, the assessment should have solely relied on the modified return. However, the petitioner faced challenge...