Income of Predecessor Company Cannot Be Clubbed with Successor Post-Amalgamation

Kalpataru Projects International Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai Quashes Reassessment: Income of Predecessor Company Cannot Be Clubbed with Successor Post-Amalgamation The Mumbai Bench of the ITAT allowed the appeals of Kalpataru Projects International Ltd. for AYs 2018-19 to 2020-21 and dismissed the cross-appeals of the Revenue, holding that the reassessment framed under section 147 was jurisdictionally invalid insofar as it sought to tax the income of the predecessor company (JMC Projects (India) Ltd.) in the hands of the successor through a single composite assessment order. The Tri...