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iii) Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in deleting the share premium money without appreciating the fact that the assessee is a beneficiary who has taken accommodation entry of share premium money and failed to establish the identity, creditworthiness of shareholders and to prove the genuineness of transaction".

3. At the outset, the Ld. Counsel of the assessee submitted before the Bench that he wants to argue the ground No.2 FIRST which is against the order of Ld. CIT(A) confirming the action of the AO in passing the order in the name of M/s. Key Stone Stock Fin Pvt. Ltd. a nonexistent entity without considering the facts and circumstances of the case.

5. The assessee challenged the order of AO being nullity and void ab-initio on the ground that the notice u/s 148 of the Act dated 30.3.2014 was issued in the name of non existent company M/s. Key Stone Stock Fin Pvt. Ltd. and assessment order was also framed accordingly which was nonexistent entity w.e.f. 1.4.2010 vide High Court order dated 17.6.2011 and therefore the same was bad in law. However, the Ld. CIT(A) dismissed the appeal of the assessee by upholding the order of AO by observing that the order passed by the AO is correct and as per law as the same was passed on the basis of information available in his possession while deleting the addition on merits.

7. The Ld. D.R., on the other hand, relied on the order of authorities below and submitted that the assessment order has been framed in the name of M/s. Key Stone Stock Fin Pvt. Ltd. which merged with M/s. Glint Infra Project Pvt. Ltd. vide order dated 17.06.2011 of the Hon'ble High Court. The Ld. D.R. submitted that even though the entity is merged with another entity but the same does not become nonexistent as the same entity is converted into another entity and therefore the arguments advanced by the Ld. A.R. seeking the quashing of CO No.133/M/2019 M/s. Glint Infraprojects Pvt. Ltd.

assessment is not correct and grounds raised by the assessee may be dismissed.

8. After hearing both the parties and perusing the material on record, we observe that in this case the erstwhile assessee M/s. Key Stone Stock Fin Pvt. Ltd. was merged with M/s. Glint Infra Project Pvt. Ltd. vide High Court order dated 17.06.2011 w.e.f. 1.4.2010 and therefore the said assessee became nonexistent w.e.f 1.4.2010 and the new entity M/s. Glint Infra Project Pvt. Ltd. came into being and therefore the re-assessment proceedings u/s 147 r.w.s. 148 of the Act and consequent assessment order passed by the AO in the name of nonexistent company is nullity and void ab-initio and consequently can not be sustained. In the case of Pr. CIT vs. Maruti Suzuki India Ltd. (supra) the Hon'ble Apex Court has held that assessment made in the name of Suzuki Power Train India Ltd. for assessment year 2012-13 is nullity since the entity has been amalgamated with Maruti Suzuki India Ltd. under the scheme of amalgamation and was not in existence. In the case of Pr. CIT vs. BMA Capfin Ltd. (supra) the Hon'ble Apex Court has dismissed the special leave petition filed by the Revenue against the order of High Court in the case of Pr. CIT vs. BMA Capfin Ltd. wherein the Hon'ble High Court has held as under: