Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1365 - AT - Income TaxAssessment against company wound up - Disallowance of set off of speculation loss from the current years speculation business income - assessee company is under liquidation and hence notice was served to the Official Liquidator (“OL”) attached with Hon’ble High Court of Gujarat - HELD THAT:- In this case, the liquidator has given notice to the Income Tax Department as early as 5.12.2018, but IT Department has not seemed to have given pendency of the above cases before the OL. In accordance with Rule 26 of the ITAT Rules, appeal is not maintainable as income-tax department has not given full details to the OL [Official Liquidator] appointed by the Hon’ble High Court. The fact is that the company having been wound up, and Official Liquidator appointed by the Hon’ble High Court has discharged and relieved as OL, the assessee-company as such does not legally exist in the eyes of law. We draw support of the judgment of Maruti Suzuki India Ltd. [2019 (7) TMI 1449 - SUPREME COURT] where it was held that during pendency of assessment proceedings, assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and was to be set aside. Thus the appeal filed by the Revenue is not maintainable as against the respondent-company which is dissolved by order of the High Court of Gujarat
|