Agreement-date stamp valuation requires the same registered property, fixed consideration, and qualifying payment; an unrelated prior booking cannot a...
Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
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Assessment order passed against a non-existent entity due to merger of companies is invalid. The assessment order was passed in the name of Genpact India, which had already merged with Genpact India Private Limited. As per Section 394 of the Companies Act, 1956, upon merger, the amalgamating company ceases to exist and cannot be regarded as a 'person' u/s 2(31) of the Income Tax Act, 1961, against whom assessment proceedings can be initiated or an order passed. Issuing an assessment order in the name of a non-existent entity is not a procedural irregularity curable u/s 292B. The Appellate Tribunal upheld the assessee's contention and decided in its favor.
Assessment order passed against a non-existent entity due to merger of companies is invalid. The assessment order was passed in the name of Genpact India, which had already merged with Genpact India Private Limited. As per Section 394 of the Companies Act, 1956, upon merger, the amalgamating company ceases to exist and cannot be regarded as a 'person' u/s 2(31) of the Income Tax Act, 1961, against whom assessment proceedings can be initiated or an order passed. Issuing an assessment order in the name of a non-existent entity is not a procedural irregularity curable u/s 292B. The Appellate Tribunal upheld the assessee's contention and decided in its favor.
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