2026 (3) TMI 620

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....44B of the Act., vide order dated 25.05.2023. 2. The assessee has raised following grounds of appeal: "(i) On the facts and circumstances of the case, the authorities below has erred both on facts and in law in upholding the initiation of the reassessment proceedings and consequent impugned order as the same has been initiated by issue of notice u/s. 148 and completed u/s. 147/144/144B in the name of the non-existing entity ignoring the fact that the information regarding takeover of the erstwhile assessee firm by a private limited company and dissolution of the erstwhile assessee firm was in the knowledge of the department. (ii) The reassessment proceedings and consequent reassessment both are invalid and without juris....

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....al ground no. (i) wherein the issue of notice has been challenged on the ground that it has been issued on a non-existing entity. 4. Brief facts are that the return for A.Y 2014-15 by the assessee firm M/s Mahaveera Rice World, was filed on 07.08.2014, declaring total income of Rs. 15,64,030/-. Original assessment was completed u/s. 143(3) by ITO Ward 46(2) Delhi vide order dated 21.12.2016 at assessed income of Rs. 21,54,330/-. Subsequently, as the business of the firm was taken over by a private limited company viz., M/s Mahavira Rice World Pvt. Ltd., the firm was dissolved vide dissolution deed dated 31.03.2018. The information regarding closure of business and surrender of PAN was filed before the Ld. AO as well as ITO TDS Ward 75(3)....

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....the following documents: i. Copy of dissolution dated 01.04.2018. ii. Copy of intimation to the then ITO regarding dissolution of partnership firm dated 03.04.2018 iii. Copy of application of surrender of PAN and closure of business to the ITO dated 11.09.2018 iv. Copy of intimation to ITO (TDS) dated 24.08.2018. 5.1 Ld. AR has argued that in view of repeated intimations to the department regarding dissolution of the firm and takeover of its business by the company, M/s Mahavira Rice World Pvt. Ltd, the assumption of jurisdiction by issuing notice u/s. 148 is not valid in law. 5.2 Ld. AR has filed written submissions wherein he has placed reliance on several decisions including those of the Hon'ble ....