Which business restructuring can be termed as demerger under the Income Tax Act?

Last updated: 02 October 2021
Quick Summary
This Income Tax Appellate Tribunal case discusses whether a business restructuring qualified as a demerger under the Income Tax Act. The Assessing Officer added a significant sum received by the company, as the company did not provide complete information regarding the sale or demerger of its distillery unit. The Tribunal noted that the demerger's 'appointed date' was crucial and that certain agreements were not mentioned in the approved scheme. Consequently, the case was remanded to the CIT(A) for a fresh decision, considering all submitted documents.

Court :
ITAT Amritsar

Brief :
The present appeal filed by the Revenue and C.O. filed by the assessee feeling aggrieved by order of Ld. CIT(A)-2, Amritsar, on the ground mentioned in the memo of appeal and in Cross objection filed by the assessee.

Citation :
I.T.A. No. 408/Asr/2016

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