This appeal is filed by the assessee against the order of the ld CIT(A)-IV, Kanpur [ The ld CIT (A)] dated 19.03.2018 for Assessment Year 2015-16, wherein, the appeal filed by the assessee against the assessment order passed u/s 143(3) of the Income Tax Act [ The Act] dated 31.12.2016 by Dy. CIT, Noida [ the Ld AO] determining the total income of the assessee at Rs. 138,22,77,156/- against the returned income of Rs. 3,14,330/- was dismissed.
ITA No. 3306/Del/2018
INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing)
ITA No. 3306/Del/2018 (Assessment Year: 2015-16)
MG Metalloy Pvt. Ltd, B-16, Sector-2, Noida, PAN: AAGCM5789D
DCIT, Central Circle, Noida
Assessee by : Shri Amit Goel, CA
Revenue by: Ms. Pramita M. Biswas, CIT DR
Date of Hearing 29/07/2021
Date of pronouncement 23/08/2021
O R D E R
Brief facts of the case shows that assessee is a company engaged in the business of textile and others. It filed its return of income of Rs. 3,14,330/- dated 06.11.2016. Search and seizure operation u/s 132 of the Act was conducted on 11.11.2014 in Apple Group of cases. The assessee is one of the companies. Therefore, the case of the assessee was picked up for scrutiny.
2. A technical approval is accorded to pass assessment orders in the above cases on the basis of the drafts assessment orders submitted for the assessment years in reference years. You are directed to ensure taking into account the seized documents/papers and comments in the appraisal report pertaining to AYs. The fact of initiation of penalty proceedings, wherever, applicable, must also be incorporated in last para of the order. The initiation of correct penalty provisions of I.T. Act u/s 271 (1)(c)/ 271AAB, as per facts of the ease, must be ensured.
3. Were amalgamated with the assessee company. According to terms of the amalgamation, property of the transferor companies specified in the schedule 2 vested in the assessee company and further according to clause 2 of liabilities and duties of the transferor became the liabilities and duties of the assessee company. The shareholders of the transfer companies were to be issued the shares of the assessee company as per exchange ratio laid down in para 9 of the order.
4. Thus, appeal of the assessee is allowed.
Order pronounced in the open court on 23/08/2021.
Please find attached the enclosed file for the full judgement