https://www.taxtmi.com/caselaws?id=63040 The Tribunal ruled that the assessment order on the dissolved company was a nullity, as a company dissolved under s. 560 of the Companies Act, 1956, cannot be assessed for income-tax post-dissolution. Additionally, the Tribunal determined that the waived amount of Rs. 1,65,29,255, initially a capital receipt, could not be assessed as casual and non-recurring income under s. 56(1) of the Income-tax Act. The appeal was allowed based on these findings. en-us Wed, 28 Jul 2004 00:00:00 +0530 Wed, 03 Jul 2024 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63040 The Tribunal ruled that the assessment order on the dissolved company was a nullity, as a company dissolved under s. 560 of the Companies Act, 1956, cannot be assessed for income-tax post-dissolution. Additionally, the Tribunal determined that the waived amount of Rs. 1,65,29,255, initially a capital receipt, could not be assessed as casual and non-recurring income under s. 56(1) of the Income-tax Act. The appeal was allowed based on these findings. Case-Laws Income Tax Wed, 28 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63040