2023 (3) TMI 525

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....('the Act') relevant to the assessment year 2013-14 inter-alia on the ground that the same was issued in the name of a non-existent company. 2. Briefly stated the material facts are as under : 2.1 A notice dated 22nd June 2021 under section 148 of the Act was issued in the name of M/s. Pinkhem Investment Co. Pvt. Ltd. seeking to reopen the assessment for the assessment year 2013-14 on the ground that the Assessing Officer had reasons to believe that the income chargeable to tax for the said assessment year has escaped assessment within the meaning of section 147 of the Act. Subsequently, pursuant to the decision rendered by the Apex Court in the case of Union of India Vs. Ashish Agarwal [2022] 138 taxmann.com 64 (SC), a notice under s....

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.... to its notice the factum of such an amalgamation. 4. The petitioner also states that pursuant to the order dated 31st July 2022 under section 148A(d) of the Act, the petitioner addressed a communication dated 28th September 2022 bringing to the notice of the respondents yet again the factum of amalgamation of M/s. Pinkhem Investment Co. Pvt. Ltd. and further that the said company had ceased to exist with effect from 1st April 2015. 5. In the aforementioned background, it was urged that the entire re-assessment proceedings were unsustainable in law. It was also urged that even the approval granted by the competent authority had been accorded by the Principal Commissioner of Income Tax, Mumbai-08 in the name of M/s. Pinkhem Investment ....

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....hich remains in existence and continues its undertaking but the context in which the term is used may show that it is intended to include such an acquisition. See: Halsbury's Laws of England (4th edition volume 7 para 1539). Two companies may join to form a new company, but there may be absorption or blending of one by the other, both amount to amalgamation. When two companies are merged and are so joined, as to form a third company or one is absorbed into one or blended with another, the amalgamating company loses its entity." In the case of Spice Entertainment Ltd. V/s. CST 2012 (280) ELT 43 (Delhi) a Division Bench of the Delhi High Court held that once the factum of amalgamation of a company had been brought to the notice of the ....