Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 791 - AT - Income TaxOrder passed against non-existent entity as the company as merged into another company Jurisdiction of AO Diminution in the value of shares Treatment of stock in-trade Held that:- The assessee company got merged with M/s Slocum Investment Pvt. Ltd. w.e.f. 1-4-2000 vide order dated 27-8-2001 - The notice u/s 143(2) was issued on 28-11-2001 and it was issued against a company which was non-existent - all subsequent proceedings including passing of the assessment order in consequence to the notice were bad in law - Relying upon SPICE ENTERTAINMENT LTD. Versus COMMISSIONER [2011 (8) TMI 544 - DELHI HIGH COURT Ltd.] - the AO was duly informed of amalgamation vide letter dated 15-2-2002, which fact has been taken note by the AO in his assessment order also - the assessment order cannot be sustained because now it is well settled law that on amalgamation a company ceased to exist from the appointed date thus, the order of the CIT(A) is set aside Decided in favour of Assessee.
|