Search Results For: 119(2)(b)


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DATE: December 18, 2019 (Date of pronouncement)
DATE: December 28, 2019 (Date of publication)
AY: 2016-17
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CITATION:
S. 139(5)/ 170: The consequence of amalgamation is that the amalgamating companies lose their separate identity and cease to exist. The successor is obliged u/s 170 to file a revised return to reflect the effect of the amalgamation. The fact that the revised return is filed after the due date specified in s. 139(5) is irrelevant as the scheme approved by the NCLT provides for it. The assessee is also not required to seek condonation of delay u/s 119(2)(b) (Dalmia Power 418 ITR 242 (Mad) reversed)

The more advisable course from the point of view of the Revenue would be to make one assessment on the Transferee Company taking into account the income of both of Transferor or Transferee Companies and also to make separate protective assessments on both the Transferor and Transferee Companies separately. There may be a certain practical difficulty in adopting this course inasmuch as separate balance-sheets may not be available for the Transferor and Transferee Companies. But that may not be an insuperable problem inasmuch as assessment can always be made, on the available material, even without a balance-sheet. In certain cases, best judgment assessment may also be resorted to

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DATE: December 3, 2014 (Date of pronouncement)
DATE: December 4, 2014 (Date of publication)
AY: 1997-98
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CITATION:
S. 119(2)(b): The expression 'genuine hardship' should be construed liberally, particularly in matters of entertaining of applications seeking condonation of delay.

(i) The expression ‘genuine hardship’ came up for consideration of the Supreme Court in case of B.M. Malani (supra), wherein, by reference to New Collins Concise English Dictionary, the Supreme Court accepted the position that ‘genuine’ means not fake or …

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