INDUS TOWERS LIMITED THROUGH: ITS AUTHORISED SIGNATORY MR. AMISH MEHTA, CHIEF FINANCIAL OFFICER Vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE

JUDGEMENT

(1.) This writ petition by Indus Towers Limited ('ITL') challenges a notice dated 22nd February, 2013 issued to the Petitioner by the Deputy Commissioner of Income Tax, Circle-11(1), New Delhi ('DCIT') under section 148 of the Income Tax Act, 1961 ('Act') seeking to re-open the assessment for Assessment Year ('AY') 2009-10. It also seeks to challenge the order dated 20th January, 2014 passed by the DCIT disposing of the objections by the Petitioner to the initiation of proceedings under Section 147 of the Act by the aforementioned notice. The consequent assessment proceedings are also sought to be quashed.

(2.) When the writ petition came up for hearing first on 10th March 2014,this Court while directing notice to issue in the petition restrained the Respondents from making a final order in respect of the impugned reassessment notice till the next date of hearing. That interim order has continued since.

(3.) The brief facts are that the Petitioner is the successor to India Cellular Towers Infrastructure Ltd. ('ICTIL'). ICTIL and India Cellular Limited ('ICL') filed a scheme of arrangement ('demerger scheme') under sections 391 to 394 of the Companies Act, 1956 on 17th/24th April, 2009 for transfer of the passive infrastructure (PI) assets owned by ICL to ICTIL with effect from 1st January, 2009. On 3rd and 31st August 2009, the High Court of Delhi and High Court of Gujarat, respectively, approved the demerger scheme. ICTIL filed a return of income for the AY 2009-10 on 26th September, 2009. On 29th September, 2009, the demerger scheme became effective upon its submission to the Registrar of Companies. As a result, the PI assets owned by ICL stood transferred to ICTIL with effect from 1st January, 2009.