1998 (11) TMI 42

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....y. Its undertaking vested with the State Government by reason of the enactment of the Tamil Nadu Electricity Supply Undertakings (Acquisition) Act, 1973. After the unsuccessful attempt to challenge the validity of that Act in the High Court it had filed appeals before the Supreme Court which were pending during the relevant years. The assessment years are 1975-76 to 1979-80. The Assessing Officer....

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....mpany had not gone into liquidation did not establish that it had the intention to do business and it was irrelevant to inquire whether the business was permanently closed. Here, it cannot be said that there was a permanent closure, as the validity of the Act was yet to be finally settled by the Supreme Court. In the event of the Act being struck down, the assessee could resume business. The fact ....