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2023 (1) TMI 1303 - PUNJAB AND HARYANA HIGH COURTReopening of assessment - notice in the name of the firm as it did not exist - Period of limitation - HELD THAT:- As the firm ceased to exist on 31.03.2006 and after the assessment of the year 2006-07, since there was no transfer of any surety in favour of any members, the proceedings u/s 149 have to be set aside on the ground that they are issued after a gap of six years. Further, the order imposing a penalty was set aside and the explanation given by the petitioner was accepted for the assessment year 2006-2007- Till date, no appeal has been filed against order dated 12.03.2013 and thus it attained finality. The department had thus accepted the dissolution of the firm. The department is now bound by the licence issued to the petitioner (P-3). It was Raja Ram HUF who became owner and HUF being separate identity had to file separate return. The word Management has been used in the partnership deed. After dissolution of the firm, there was no transfer of any asset to the partners of the firm. Present petition is allowed and notice issued are set aside.
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