2017 (3) TMI 1580

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....mmon order for the sake of convenience and brevity. 2. First we deal with ITA No. 5963/Del/2013 for AY 2003-04 wherein the following grounds have been raised. i) The CIT(A) erred in law and on facts in deleting the addition of Rs. 499006/- on account of disallowance of 100% expenditure. ii) The CIT(A) erred in law and on facts in deleting the addition of Rs. 3201856/- on account of unexplained purchase u/s. 69C of the Act. 3(a) The order of the CIT(A) is erroneous and not tenable in law and on facts. (b) The appellant craves leave to add, alter or amend any / all of the grounds of appeal before or during the course of the hearing of the appeal. 2.1 In all other Appeals, identical issues are involved and similar grounds hav....

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....rth 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 company is impermissible as there is no provision in the I.T. Act to make an assessment upon a non-existent company. In the case of Saraswati Industrial Syndicate Ltd. vs. CIT (186 ITR 278), the legal position was explained. In amalgamation two or more companies are fused into one by merger or by taking over by another. The amalgamation is a blending of two or more existing undertaking into one under....