Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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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