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Sec. 139(5) not applicable if revised ITR is filed pursuant to amalgamation scheme approved by NCLT

May 4, 2019[2019] 105 taxmann.com 28 (Madras)
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IT : Revised returns of income filed by petitioners pursuant to scheme of arrangement and amalgamation approved by National Company Law Tribunal, Chennai was to be accepted

(i)   Section 139(5) of the Income Tax Act, 1961 is not applicable for cases where revised returns of income has been filed pursuant to approval of scheme of arrangement and amalgamation by the National Company Law Tribunal under section 391 of the Companies Act. Scheme of arrangement and amalgamation approved by the Competent Court gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescribed period.
(ii)   The Circular issued under section 119(2)(b) of the income tax act, namely, Circular No.9 of 2015 is not applicable for filing of revised returns of income pursuant to a scheme of arrangement and amalgamation approved by the Court under section 391 of the Companies Act.
(iii)   Rule 12(3) of the Income Tax Rules which requires filing of revised returns of income electronically is also not applicable to cases where revised return of income has been filed by the assessee pursuant to scheme of arrangement and amalgamation approved by the Court.
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