TaxTMI 
TaxTMI 
2014 (11) TMI 1020
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....IT(A)'s orders for A.Y. 2003-04 and 2004-05. Common issues are involved for adjudication, therefore, all these appeals were heard together and being disposed of by this consolidated order, for the sake of convenience. 2. Brief facts of the case are that the assessee, in the relevant assessment years, was engaged in fabrication of cloths and textile business. The assessee company belongs to the Thapar Homes Group of cases. In this case search was conducted at the premises of the assessee on 20-10-2008. Notices u/s 153A were issued on 29-3-2010 requiring the assessee to furnish return of income. In response thereto the income as declared by the assessee in its returns for the assessment years in question and as assessed by the AO, inte....
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....s 1-4-2008. Ld. counsel referred to page 22 of the PB, wherein letter dated 22-11-2010, addressed to the AO, is contained, in which, in response to notice u/s 142(1)/ 143(2) for A.Y. 2009-10, it was pointed out that the company stood amalgamated with 'Optus Promoters Private Limited' vide Hon'ble Delhi High Court's order dated 08-10-2010, passed under section 394 of the Companies Act, 1956 and, accordingly, no assessment order was passed for the said assessment year. Therefore, he submitted that for the same parity of reasoning, impugned assessment orders for the assessment years under consideration are bad in law. 7. Ld. counsel further submitted that this issue is squarely covered by the order dated 11-4-2010 of the ITAT Delhi Bench 'G....
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.... the main thrust of argument by the Revenue is concerned, this issue has been already been deliberated upon by the Delhi Bench of the Tribunal (ITA 565 to 570/Del/2012) in respect of SPN Milk Products Pvt. Ltd. wherein proceedings were initiated identically. There is no dispute to the fact that the assessee had already amalgamated with another company and assessee participated in the assessment proceedings even then this Tribunal held the proceedings to be null and void after placing reliance upon number of cases. Therefore, the argument of the Ld. DR that the assessee is participated in the proceedings and therefore, the present appeals are distinguishable and the present appeals cannot be accepted is having no substance. Therefore, we fin....
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....t it clearly prescribes succession to business otherwise than on death. We can gainfully refer this section hereunder:- "Succession to business otherwise than on death. 170. (1) Where a person carrying on any business or profession (such person hereinafter in this section being referred to as the predecessor) has been succeeded therein by any other person (hereinafter in this section referred to as the successor) who continues to carry on that business or profession,- (a) the predecessor shall be assessed in respect of the income of the previous year in which the succession took place up to the date of succession; (b) the successor shall be assessed in respect of the income of the previous year after the ....
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....to the provisions of this section. Explanation.-For the purposes of this section, "income" includes any gain accruing from the transfer, in any manner whatsoever, of the business or profession as a result of the succession. 11. If the totality of the facts are summarized it can be said that a company incorporated under the Indian Companies Act is a juristic person and its takes its birth and gets life with its incorporation. It dies with the dissolution as per the provisions of the Companies Act. It is a trite law that on amalgamation, the amalgamating company ceases to exist in the eyes of law. Having regard this consequence provided in law, a number of cases the Hon'ble Apex Court held that assessment upon a dissolved co....