TaxTMI 
TaxTMI 
2013 (11) TMI 679
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....er of Income Tax (Appeals) erred in law and on facts of the case in deleting the addition of Rs. 34,79,422/- made by the Assessing Officer u/s 69C of the Income Tax Act, 1961 on account of unexplained purchases. (2). That the Commissioner of Income Tax (Appeals) erred in law and on facts in accepting the transaction of sale and purchase made in cash as genuine. (3) That the Commissioner of Income Tax (Appeals0 erred in law and on facts of the case in deleting the addition of Rs. 1,48,020/- made by the Assessing Officer by way of 50% disallowance of expenditure and depreciation claimed by the assessee. (4) That the Commissioner of Income Tax (Appeals) erred in law and on facts of the case in holding that the assessment order passed ....
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....rcumstances of the case the CIT(A) has erred on facts and in law in holding that the assessment has been framed in conformity with statutory provisions of Section 153C r/w Section 153A of the Act. (5) That in view of the facts and circumstances of the case the CIT(A) has erred in facts and on law in upholding the validity of assessment particularly when the seized document were never handed over to the A.O who framed the assessment and the additions made are illegal, bad in law & without jurisdiction. (6) That on the facts and circumstances of the case and the provisions of the law, the Ld. CIT(A) has erred in not considering the fact that the assessment proceeding for the year under appeal was not pending on the date of the recording....
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....order dated 22.12.2009 passed u/s 391(2) and 394 of the Companies Act, 1956. He submitted that a copy of the said order of the Hon'ble Delhi High Court was also enclosed with the said letter. Despite that the Assessing Officer proceeded with the assessment, contended the Ld. AR. 5. On consideration of the above submissions, we find from the orders of the authorities below that the Assessing Officer in its report to the Ld. CIT(A), as mentioned in para no-16 of the first appellate order, has admitted the fact that the assessee company was amalgamated with M/s Dynamic Buildmart Pvt. Ltd. during the assessment year 2009-10. In the assessment order passed u/s 153C of the Income Tax Act, 1961, name of the transferee company i.e M/s Dynamic Bu....
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....ce3 Entertainment Limited Vs CIT ITA 475 & 476 of 2011. 6. We fully concur with the finding of the Ld. CIT(A) that a company incorporated under the Indian Companies Act is a juristic person. It takes its birth and gets life with incorporation and it dies with the dissolution as per the provision of the Companies Act. On amalgamation, the company seizes to exist in the eyes of the law. Thus, assessment upon a dissolved company is impermissible as there is no provisions in Income Tax Act to make an assessment thereupon. Ld. CIT(A), in our view, has therefore, rightly held that assessment on a company which has been dissolved by amalgamation u/s 391 and 394 of the Companies Act, 1956 is invalid. Admittedly, the assessee company in the prese....