Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be discontinued on 31-07-2025
If you encounter any issues or problems while using the new portal,
please
let us know via our feedback form
so we can address them promptly.
Home
2014 (11) TMI 181 - HC - Income TaxAmalgamation of two companies - Assessment to be made on which entity Held that - The Supreme Court in Saraswati Industrial Syndicate Limited Versus Commissioner of Income-Tax Haryana Himachal Pradesh And Delhi III 1990 (9) TMI 1 - SUPREME Court held that after the amalgamation of the two companies the transferor company ceased to have any entity and the amalgamated company acquired a new status and it was not possible to treat the two companies as partners or jointly liable in respect of their liabilities and assets following the decision in SPICE ENTERTAINMENT LTD. Versus CIT 2011 (8) TMI 544 - DELHI HIGH COURT Tribunal rightly upheld the decision of the CIT(A) that assessment on a company which has been dissolved/amalgamated under section 391 and 394 of the Companies Act 1956 is invalid - There is no provision in the IT Act to make assessment on an amalgamating company (transferor/dissolved company) even though the appellant company participated in assessment proceedings Decided against revenue. Applicability of section 292B - Whether an assessment upon an amalgamated company is a mistake within the meaning of Section 292B - Held that - In SPICE ENTERTAINMENT LTD. Versus CIT 2011 (8) TMI 544 - DELHI HIGH COURT it has been held that once it is found that assessment is framed in the name of nonexisting entity it does not remain a procedural irregularity of the nature which could be cured by invoking the provisions of Section 292B of the Act thus no substantial question of law arises for consideration Decided against Revenue.
|