2009 (2) TMI 68

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....other Public Limited Company named Narmada Chematur Petrochemicals Limited amalgamated with effect from 01.04.2005. Narmada Chematur Petrochemicals Limited shall hereinafter be referred to as 'the assessee'. The respondent Assessing Officer issued notice under Section 148 of the Income Tax Act, 1961 ('the Act') for Assessment Year 2002-2003. It is the said notice which is under challenge in the present petition. 3. The assessee furnished return of income under Section 139 of the Act on 30.10.2002. The assessment came to be framed on 21.03.2005 under Section 143(3) of the Act. Subsequently, the impugned notice dated 29.03.2007 has been issued. The reasons recorded for issuing the said notice read as under: "Name & address of : Narmada ....

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....ue notice u/s. 148 of the Act. Sd/- (G.R.KOKANI) Deputy Commissioner of Income Tax, Bharuch Circle, Bharuch." 4. On behalf of the petitioner, two fold contentions have been raised challenging the issuance of the impugned notice. The first being: the assessee is no longer in existence as on the date of the impugned notice, the assessee having merged with the petitioner Company; the second being : that on merits, no income has escaped assessment so as to vest the respondent authority with jurisdiction to reopen the assessments by resorting to the provisions of Section 147 of the Act. Elaborating on the same, it was submitted that as could be seen from the reasons recorded the respondent authority was not sure as to which income....

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....tion regarding amalgamation of the assessee with petitioner Company, it was submitted that at the relevant point of time, namely during the relevant accounting period, relatable to assessment year under consideration, the assessee Company was in existence and therefore this objection could not be treated as a valid objection. 6. It may be noted that after the reasons recorded were furnished by the assessing authority, objections were filed by the assessee and the same have been disposed of by the respondent. During the course of hearing both the sides have invited attention to certain extracts from the objections raised and the order disposing of the objections. However, in the view that the Court is inclined to adopt, it is not necessar....