2022 (2) TMI 1365

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....e's solitary ground before this Tribunal is that the ld.CIT(A) has erred in law and on facts in deleting the disallowance of set off of speculation loss from the current years speculation business income of Rs.3,96,60,345/- without properly appreciating the facts of the case and the material brought on record. 4. At the outset, it is informed to the Bench that the assessee company is under liquidation and hence notice was served to the Official Liquidator ("OL") attached with Hon'ble High Court of Gujarat. The ld.OL vide his letter dated 15.6.2021 informed the Tribunal that the assessee-company has already been ordered to be dissolved vide order dated 8.7.2019 passed by the Hon'ble High Court in OL Report No.66 of 2019. Along with the lett....

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....the Hon'ble Gujarat High Court dated 18.7.2019 passed in Company Petition No.85 of 2015. Since there is no contest or persecution on behalf of the Revenue or from the OL pursuant to the above order of the Hon'ble Court, no useful purpose will be served, if the matter keeps pending for final decision. It is pertinent to take note of observation and finding of the Hon'ble High Court in the matter, which are as follows: "1. This is a report of Official Liquidator, seeking dissolution of the Company under section 481 of the Companies Act, 1956("the Act" for' short). The Official Liquidator is appointed as liquidator of M/s Elephant Enterprises Ltd., the Company in liquidation (to be referred to hereinafter as "the said Company"). 2. Co....

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....le 298 of the Companies (Court) Rules, 1959. **** **** ***** **** **** ***** 9. Prior intimation of dissolution of the said company also had been sent to the Income-Tax Department. No objection also has been raised by the I.T. Department, as no communication, so far, has been received by the office of the Official Liquidator. 12. Having been satisfied that there are no assets inexistence of the company and it is just and reasonable in the circumstances as no prejudice is caused to the interest of the member of the company nor is the public interest jeopardized and thus, when the winding up process cannot be further proceeded with, this Court deems it appropriate to accede to request of dissolution under section 481 of the Compan....

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.... the judgment of Hon'ble Supreme Court in the case of pr.CIT Vs. Maruti Suzuki India Ltd., 107 taxmann.com 375 (SC) where it was held that during pendency of assessment proceedings, assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and was to be set aside. Similarly, Hon'ble Supreme Court in the case of ITO Vs. Durlabhbhai Kanubhai Rajpara, (2020) 114 taxman.com 482 (SC) has held that where High Court set aside reassessment proceedings on ground that no valid notice under section 148 could be issued against a "Dead Person", SLP filed against said order was also dismissed. 11. For the above reasons and ....