Back
SUPREME COURT
*A. K. Sikri, Ashok Bhushan, JJ.
M/s. McDowell and Company Limited – Appellant
Versus
Commissioner of Income Tax (Revenue) – Respondent
| Table of Content |
|---|
| 1. the appeal addressed the implications of income tax on assets following amalgamation. (Para 1 , 5 , 6) |
| 2. arguments about s.72a benefits versus s.41(1) implications were critically examined. (Para 7 , 8 , 9) |
| 3. court's affirmation of tax responsibilities post-amalgamation was established. (Para 10) |
| 4. the court concluded the appeal lacked merit, supporting the high court's judgment. (Para 11) |
1. This appeal is preferred against judgment dated 05.04.2005 of the High Court of Karnataka whereby the appeal of Commissioner of Income Tax (Revenue) was allowed setting aside the order to the Income Tax Appellate Tribunal(ITAT) which had granted the benefit of provisions of S.72A of the Income Tax Act, 1961 (hereinafter referred to as 'Act' ) to the appellant - assessee and, at the same time, held that waiver of interest by financial institutions would not be treated as income of the appellant - assessee under S.41(1) of the Act.
2. Brief summary of the facts which have led to the present appeal may be taken note of at this stage.
3. There was a company known as M/s. Hindustan Polymers Limited (HPL) which had become a sick industrial company. Proceedings in respect of the sai
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
