Direct Taxes

Exemption under section 54EC has to be deducted while computing MAT Liability under section 115JB: Madras High Court

Exemption under section 54EC has to be deducted while computing MAT Liability under section 115JB: Madras High Court

Factual Background: *The assessee had claimed an exemption under section 54EC of the Income Tax Act for AY 2003-04. However, the Assessing Officer computed MAT liability disallowing the exemption under section 54EC by placing reliance upon the judgments of Hon’ble Apex Court in the case of Apollo Tyres(1) Bombay High Court in the case of Veekaylal Investment(2), Kerela High Court judgment in the case of N.K Bose(3). Subsequently, appeals were filed before CIT(Appeals) and the Income tax Appellate Tribunal, at the instance of the Assessee and thereafter the Revenue which were decided in favour of the Assessee. The revenue thereafter, [...]

Exemption under section 54EC has to be deducted while computing MAT Liability under section 115JB: Madras High CourtAkshay2020-10-17T15:45:29+00:00

Revised Return can be filed after due date pursuant to approval of Amalgamation scheme by NCLT: Apex Court

Revised Return can be filed after due date pursuant to approval of Amalgamation scheme by NCLT: Apex Court

In a recent landmark ruling, the Hon'ble Supreme Court in the case of Dalmia Power Ltd. vs ACIT* has allowed the assessee company to file revised return after due date specified under section 139(5) as the delay was occurred due to sanction of scheme by NCLT. Dalmia Power Limited and Dalmia Cement Limited (here-in-after referred to as ‘DPL’ and ‘DCL’ respectively) had entered into a scheme of arrangement and amalgamation with nine other companies. The appointed date of the said scheme was 01.01.2015. However, the Hon’ble NCLT passed the final order on 01.05.2018. Pursuant to the aforesaid order, DPL and DCL [...]

Revised Return can be filed after due date pursuant to approval of Amalgamation scheme by NCLT: Apex CourtAkshay2020-10-19T13:08:23+00:00

Recovery of Tax Demand from Amalgamated – Successor Company

The Scheme of Amalgamation was approved by the Hon’ble Bombay High Court vide order dated 14th September 2012 with effect from 1st of April, 2011. Thereafter, the case of the predecessor company was reopened u/s 148 of the Act vide notice dated 17th March 2015 which resulted into an order dated 25th January 2016 passed u/s 143(3) r.w.s 147 of the Act on the predecessor. An appeal was filed by the predecessor company against the above order before the First Appellate Authority. The pending appeal before the first appellate authority, the department sought to recover the outstanding tax demand of [...]

Recovery of Tax Demand from Amalgamated – Successor Companyrankhawn2019-09-27T11:58:21+00:00