Case Law Details
Case Name : CIT Vs Micron Steel Pvt. Ltd. & M/s Steels Pvt. Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
Sponsored
Issue before Court:
Whether assessment framed in the name of assessee who had amalgamated in other entity is liable to be void for the relevant period for which assessment was made.
Brief facts:
- During a search & seizure operation AO found some seized material related to assessee and accordingly he issued notice to the assessee. By that assessee had been amalgamated with some other entity.
- But assessee o
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
OFFHAND
Perforce being driven to think aloud:
In the cited case, as understood, the amalgamated and amalgamating companies are, per one’s understanding, Indian companies; and the fact of amalgamation has admittedly been within the knowledge of the Department / the concerned AO.
More than one intriguing point of doubt/ grave concern arise: Had the facts been different, e.g.,-
(i) amalgamation is of 2 foreign entities, one of which has o/s tax liability, finally determined or otherwise, or
(ii) in any other type of ‘succession’ as envisaged in the extant provisions of the Act, but the fact of succession is not known or happens to escape attention, and /or comes to be known not until after the expiry of the time limit for the department initiating any action/proceedings,-
is there any provision of law to which the Revenue can have recourse ?
Perhaps, tax pundits at large, more so in active practice may have, if familiar with such exigencies, a satisfactory solution to offer; of course, for a change and betterment, but in the righteous interests of the Revenue!
Disclaimer: So far as is seen, there appears to be no possible clear-cut answer or solution; should, however,it be otherwise,self open/remain to be enlightened!