2011 (4) TMI 1515

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....araman & Ms. G.Vardini Department by : Shri Tapas Kumar Dutta ORDER Hari Om Maratha,  These cross appeals by the assessee and Revenue respectively, for assessment year 2000-01, are directed against the order of the ld. CIT(A)-III, Chennai, dated 29.1.2010.  2. Briefly stated, the facts of the case are that the assessee is a closely held company and was engaged in the busin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vice charges 32,99,560 (v) Investments 21,75,00,493 (vi) Electronic transfer charges 76,93,929 (vii) Office Maintenance 22,79,697 (viii) Disallowance u/s 14A  40,013   Total additions/disallowance 28,11,81,141  3. This action of the Assessing Officer was challenged before the ld. CIT(A), who has given part relief to the assessee. No....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e assessment order was framed, the assessment made on a non-existing entity tantamounts to a nullity. In this regard, reference was placed on the decision of Delhi Bench of the ITAT in the case of Impsat P. Ltd vs ITO, 276 ITR (AT) 136. The Revenue has disputed this contention of the ld.AR. Originally, in the assessment order, the name of the assessee was mentioned as 'Tarachanthini Financial Serv....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Impsat P. Ltd vs ITO(supra), will squarely apply to this case. In this case it has been held thus:  "Held, allowing the appeal, (i) that since the company itself was dissolved and became extinct with effect from September 18/ 2001, it could not be considered to be a case of "discontinuance" of the business. Once it ceased to exist, there was no question of assessing it for income-tax....