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ASSESSMENT UPON A DISSOLVED COMPANY

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 14-4-2015 - Section 481 of the Companies Act, 1956 provides for dissolution of the company. The company judge in the High Court can order dissolution of a company on the grounds stated therein. The effect of the dissolution is that the company no more survives. The dissolution puts an end to the existence of the company. In M.H. Smith (Plant Hire) limited v. D.L. Mainwaring (T/A Inshore) - (1986) BCLC 342 (CA) it was hel .....

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544 - DELHI HIGH COURT it was held that the completion of assessment in respect of a non existent company, due to the amalgamation order, would render assessment in the name and in respect of the original assessee company, a nullity. One it is found that the assessment is framed in the name of non existing 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. It was further held that after the sanction of t .....

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was conducted on 20.10.2008 in the cases of B.K. Dhingra, Smt. Poonam Dhingra, M/s Madhusudan Builcon Private Limited and others connected and seizure was effected. Based upon the said search and the materials secured during those proceedings, block assessments were finalized in respect of those assesses. The Assessing Officer was of the opinion that during the course of the search, materials were seized which belonged to the respondents assesses and accordingly issued to M/s Micron Steels Priv .....

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e complete proceedings against the transferee company which they had not done. The Commissioner (Appeals) accepted the contentions raised by the assessee and held that the assessment orders were unsustainable and set aside the order of the Assessing Officer. He, however, did not substitute the name of the appellant on record. Instead the Assessing Officer made the assessment in the name of M/s Spice which was non existing entity on that day. In such proceedings and assessment order passed in the .....

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anies Act. ON amalgamation, the company cease to exist in the eyes of the law. Thus is impermissible as there is no provision in the Income Tax Act to make an assessment there upon. The assessee company stood dissolved on 19.09.2010 on amalgamation with M/s Lakhanpal Infrastructure Private Limited and the assessment order was framed on 31.12.2010. Hence the Tribunal upheld the order of the Commissioner (Appeals). The Revenue filed appeal against the order of the Tribunal before the High Court. B .....

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