Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Assessment proceedings and consequent demand and penalty notices issued in the name of an amalgamating/transferor company are void once a court-sanctioned scheme of amalgamation has taken effect because the transferor ceases to exist; continuing proceedings in the name of the dissolved entity therefore involve a jurisdictional error. The High Court applied the principle that proceedings must be in the name of the existing legal entity, relied on prior authoritative decisions (distinguishing contrary facts), and quashed the impugned notices and order while noting the Revenue may initiate fresh proceedings against the amalgamated company if legally entitled.
Assessment proceedings and consequent demand and penalty notices issued in the name of an amalgamating/transferor company are void once a court-sanctioned scheme of amalgamation has taken effect because the transferor ceases to exist; continuing proceedings in the name of the dissolved entity therefore involve a jurisdictional error. The High Court applied the principle that proceedings must be in the name of the existing legal entity, relied on prior authoritative decisions (distinguishing contrary facts), and quashed the impugned notices and order while noting the Revenue may initiate fresh proceedings against the amalgamated company if legally entitled.
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