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2013 (3) TMI 436 - AT - Income TaxNotice issued u/s. 153C - CIT (A) upheld the assessment on a company which has been dissolved / amalgamated under section 391 and 394 of the Companies Act, 1956 as invalid - CIT (A) deleted the addition made on account of unexplained purchase u/s. 69C & addition on account of expenses and depreciation - Held that:- Fully accepting the finding of the CIT (A) that a company incorporated under the Indian Companies Act is a juristic person. It takes its birth and gets life with incorporation and it dies with the dissolution as per the provision of the Companies Act. On amalgamation, the company seizes to exist in the yes of the law. Thus, assessment upon a dissolved company is impermissible as there is no provisions in Income Tax Act to make an assessment thereupon. CIT(A) has rightly held that assessment on a company which has been dissolved by amalgamation u/s. 391 and 394 of the Companies Act, 1956 is invalid as admittedly, assessee company in the present case stood dissolved on 19.9.2010 on amalgamation with M/s Lakhanpal Infrastructure Pvt. Ltd. and the assessment order in the present case was framed on 31.12.2010 - in favour of assessee.
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