https://www.taxtmi.com/caselaws?id=192085 The ITAT upheld the CIT(A)'s decision regarding the amalgamation of the assessee company with another company, emphasizing that post-amalgamation, the company ceased to exist and could not be assessed for tax. Additionally, the treatment of unsecured loans as undisclosed income was annulled by the CIT(A) and upheld by the ITAT, citing the legal principle that a company loses its legal existence after amalgamation. Penalty proceedings initiated by the Assessing Officer were dismissed, and the appeal was criticized for its frivolous nature. en-us Fri, 28 Jun 2013 00:00:00 +0530 Fri, 12 May 2017 16:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192085 The ITAT upheld the CIT(A)'s decision regarding the amalgamation of the assessee company with another company, emphasizing that post-amalgamation, the company ceased to exist and could not be assessed for tax. Additionally, the treatment of unsecured loans as undisclosed income was annulled by the CIT(A) and upheld by the ITAT, citing the legal principle that a company loses its legal existence after amalgamation. Penalty proceedings initiated by the Assessing Officer were dismissed, and the appeal was criticized for its frivolous nature. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192085