By K. B. Bhujle, Advocate
7 Deep Industries Ltd. vs. Dy. CIT
[2022] 441 ITR 307 (Guj)
A.Y.: 2018-19;
Date of order: 29th September, 2021
S. 139(5) of ITA, 1961
Return of income — Revised return — Delay in filing revised return since sanction from National Company Law Board for demerger was received after expiry of time limit for filing revised return — Rejection of revised return not validThe company DIL had its business of oil and gas exploration and production and oil and gas services. It decided to demerge its oil and gas services business, and a scheme of arrangement was formulated and a company application was moved before the National Company Law Tribunal. The scheme of arrangement was sanctioned on 17th March, 2020, and the appointed date was 1st April, 2017. The certified copy of the scheme was received on 20th May, 2020, and it was filed with the Registrar of Companies on 20th June, 2020.
DIL had filed the original return of income for the A.Y. 2018-19 on 30th March, 2019. On the sanction of the scheme being effective from 1st April, 2017 the erstwhile DIL’s assets, liabilities, incomes, etc., were deemed to be that of the resulting company, the assessee. However, the time for filing the revised return for the A.Y. 2018-19 had lapsed, and there was no mechanism to file it online. The assessee raised a grievance on the income tax portal on 26th June, 2020 through the e-Nivaran facility. Thereafter, it physically filed the r
