INOX WIND ENERGY LIMITED Vs. ADDITIONAL/JOINT/DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER

JUDGEMENT

(1.) By way of the present petition under Art. 226 of the Constitution of India, the petitioner challenges the order passed by the respondent under Sec. 143(3) read with Sec. 144 B of the Income Tax Act, 1961 (';the IT Act ' hereinafter) assessing the income in the name of Inox Renewables Limited for the Assessment Year 2018-2019.

(2.) According to the petitioner, the return of income was filed by the Inox Renewables Limited for the Assessment Year 2018-2019 on 30.11.2018. The case was selected for scrutiny by issuance of the notice under Sec. 143(2) of the IT Act on 23.09.2019 and later, notices were issued seeking information to frame the assessment.

(3.) Pending this assessment, the composite scheme of arrangements between the Inox Renewables Limited, GFL Limited and the petitioner was approved by the National Company Law Tribunal (NCLT), Ahmedabad. The scheme came in operation from 09.02.2021 w.e.f. appointed date of 01.04.2020 for Part II of the Scheme (Merger of Inox Renewables Limited into GFL Limited) and 01.07.2020 for Part II of the Scheme (Demerger of Renewables Energy business into the Petitioner).