PCIT revises AO’s order citing trade receivable transfer during amalgamation: ITAT rules PCIT misconceived on facts [Read Order]

The tribunal also observed that the PCIT’s assumption that these receivables should have been included in goodwill was factually incorrect.
By Franklin Joshva - On March 5, 2025 4:26 pm - 2 mins read
ITAT Mumbai - Income Tax Act 263 -Amalgamation tax impact - Taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) quashed the Principal Commissioner of Income Tax (PCIT)’s order passed under Section 263 of the Income Tax Act, 1961. Rochem Separation Systems India Pvt. Ltd. (assessee) filed an Income Tax Return (ITR) declaring Rs. 2,36,22,600 as total income. The assessee company underwent an amalgamation with…

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