TaxTMI 
TaxTMI 
2024 (8) TMI 54
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....nds amalgamated with M/s.Seshasayee Paper and Boards Limited has challenged the impugned Assessment Orders dated 30.03.2022 passed by the first respondent under Section 147 r/w. Section 144 r/w. Section 144B of the Income Tax Act, 1961, for the Assessment Years 2013-2014 and 2016-2017. 3. The petitioner company actually is not in existence and has merged with M/s.Seshasayee Paper and Boards Limited pursuant to the orders passed by the Principal Bench of this Court in C.P.Nos.268 & 269 of 2012 on 26.04.2013. Hence, this Writ Petitions have been filed by the transferee company namely, M/s.Seshasayee Paper and Boards Limited by giving particulars in the cause title as SPB Papers Limited now amalgamated with M/s.Seshasayee Paper and Boards Lim....
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.... of this Court w.e.f. 01.04.2012. It has been clearly stated that the said company was not in existence from 01.04.2012 and therefore, filing of income tax returns in the name of SPB Papers Limited which stood merged with M/s.Seshasayee Paper and Boards Limited does not arise. 7. Further, a notice was issued under Section 142(1) of the Act in the name of the said company on 03.02.2022. Once again, a reply was given on 17.02.2022. However, the Department proceeded to issue notice still in the name of SPB Papers Limited which stood merged with M/s.Seshasayee Paper and Boards Limited on 27.03.2022 which has now culminated in the impugned Assessment Orders dated 30.03.2022. 8. The learned Senior Counsel for the petitioner would place reliance....
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....ed to take note of the same and has thus confirmed the demand. The consequences in the impugned order is thus unsustainable. That apart for the subsequent Assessment Year, namely the Assessment Year 2016-2017, a notice was issued under Section 148A(b) of the Income Tax Act, 1961, which was issued under the same circumstances. 28. The Assistant Commissioner of Income Tax NON CORP WARD 11(3) CHE has also rightly dropped the proceedings by an order dated 30.03.2023 under Section 148A(d) of the Income Tax Act, 1961. 29. Although the Court would have been justified in referring the petitioner to workout the remedy before the Appellate Commissioner, Court is of the view that this is a fit case for interfering with the order passed by the resp....
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....B Papers Limited (transferor company) stood merged with M/s.Seshasayee Paper and Boards Limited (transferee) pursuant to the order passed by this Court in C.P.Nos.268 & 269 of 2012 on 26.04.2013, with effect from 01.04.2012, there were several incomes received by the transferor company SPB Papers Limited which have not been taxed either in the hands of the transferor company SPB Papers Limted or in the hands of transferee company M/s.Seshasayee Paper and Boards Limited. 13. It is further submitted that even during the Financial Year 2015-2016 for the relevant Assessment Year 2016-2017, there was income on the Fixed Deposits made by the transferor company SPB Papers Limited and therefore, Notices were issued in respect of the incomes tax pa....