M/s. Dalmia Power Limited Vs ACIT (Madras High Court)
a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescribed period and Section 139(5) of the Income Tax Act, 1961 is not applicable for cases where revised returns of income have been filed pursuant to approval of scheme of arrangement and amalgamation by the Competent Court.
Sec. 139(5) not applicable if revised ITR is filed pursuant to scheme approved by NCLT
b) The Circular issued under Section income tax act, namely, Circular No.9 of 2015 is not applicable for filing of revised returns of income pursuant to a scheme of arrangement and amalgamation approved by the Court under Section 391 of the Companies Act.
c) Rule 12(3) of the Income Tax Rules which requires filing of revised returns of income electronically is not applicable to cases where revised return of income has been filed by the assessee pursuant to scheme of arrangement and amalgamation approved by the Court.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
The points for consideration in these Writ Petitions are as follows:
a) Whether the scheme of amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act permitting the respective petitioners to file a revised return of income, even beyond the prescribed period is binding on the income tax authorities if the revised return of income has been filed beyond the prescribed period as stipulated under Section 139(5) of the Income Tax Act, 1961.
b) Whether the circular issued under Section 119(2)(b) of the Income Tax Act namely Circular No.9 of 2015 overrides the scheme of amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act, permitting the respective petitioners to file the revised return of income after the due dates as prescribed under Section 139(5) of the Income Tax Act, 1961.
c) Whether Rule 12(3) of the Income Tax Rules, which requires filing of revised return of income electronically is mandatory and whether there can be exceptions to the said Rule.
2.These batch of Writ Petitions have been filed challenging the impugned orders of the respondent, recalling the notice under Section 143(2) of the Income Tax Act, for the following reasons:
a) The revised return of income was filed by the respective petitioners after the due date for filing of revised return of income without obtaining condonation of delay in filing the revised return from the appropriate authority as per Section 119(2)(b) read with CBDT Circular 9 of 2015
b) The revised return of income was filed in
3.Brief facts leading to the filing of these Writ Petitions are as follows:
3.1. Dalmia Cement (Bharath) Limited has filed W.P. [MD]No.25318 of 2018 for the assessment year 2015-2016 and W.P. [MD] No.25317 of 2018 for the assessment year 2016-2017.
“Dalmia Cement (Bharat) Limited, has entered into schemes of arrangement and amalgamation, with effect from the Appointed Date, i.e., 01.01.2015, which has been duly approved by National Company Law Tribunal [NCLT]. A brief factual matrix for A.Y. 2015-16 & A.Y. 2016-17 is tabulated as under:
