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ITAT held the assessment passed against a non-existent entity...
Assessment against non-existent entity held void ab initio; successor allowed modified return under s.170A, s.68 additions disallowed and s.80IA allowed
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ITAT held the assessment passed against a non-existent entity void ab initio and allowed the assessee's grounds, observing that post-amendment s.170A (w.e.f. 01.04.2022) permits a successor to file a modified return and non-registration of successorship on the portal is immaterial; therefore additions under s.68 were disallowed. The Tribunal allowed s.80IA deduction of Rs.21.32 crore (of Rs.22.99 crore) on factual review of commencement records, and found taxing advances in the impugned year would impermissibly result in double taxation. Additions treating long-outstanding sundry creditors as income were also set aside. The CIT(A)/NFAC order is vacated and the assessee's appeals are allowed.
ITAT held the assessment passed against a non-existent entity void ab initio and allowed the assessee's grounds, observing that post-amendment s.170A (w.e.f. 01.04.2022) permits a successor to file a modified return and non-registration of successorship on the portal is immaterial; therefore additions under s.68 were disallowed. The Tribunal allowed s.80IA deduction of Rs.21.32 crore (of Rs.22.99 crore) on factual review of commencement records, and found taxing advances in the impugned year would impermissibly result in double taxation. Additions treating long-outstanding sundry creditors as income were also set aside. The CIT(A)/NFAC order is vacated and the assessee's appeals are allowed.
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