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3. Further, regarding intimation of conversion of the assessee company to LLP and date of such intimation, it is submitted that as the case records of the assessee are presently not traceable. The Facts of same will be intimated as soon as the records are traced.‖

25. On the contrary, the ld. DR submitted that the Ld. AO has rightly issued the notice u/s. 148 of the Act in the name of the assessee LLP for the year under consideration i.e. A.Y. 2009-10. Further, from the LLP Act, 2008; it is clear that all the pending proceedings in any court of Tribunal against the company may be continued, completed and enforced by or against the LLP. Accordingly, the ld. DR pleaded that there is no infirmity in the proceedings being initiated u/s. 147 of the Act and hence, the same may be upheld.

28. Since the issue on hand is about the conversion of private limited company into LLP, it is worth noting the relevant provisions of the Limited Liability Partnership Act, 2008 (for short, "LLP Act").

Section 56 of LLP Act: Conversion from private company into limited liability partnership.

A private company may convert into a limited liability partnership in accordance with the provisions of this Chapter and the Third Schedule.

(c) the company shall be deemed to be dissolved and removed from the records of the Registrar of Companies.

Clause 8: Pending proceedings All proceedings by or against the company which are pending before any Court, Tribunal or other authority on the date of registration may be continued, completed and enforced by or against the limited liability partnership.

29. On careful analysis of above relevant provisions of the LLP Act, 2008, it is noted that i. on conversion of private company into LLP, all tangible and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relation to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the LLP and that the company shall be deemed to be dissolved and removed from the records of the Registrar of Companies .

36. There is no dispute that on conversion into LLP on 22.03.2016, the company is deemed to be dissolved and gets struck off from the records of ROC on and from the date of registration itself and therefore applying the ratio of CIT v. Newspapers Ltd. (supra), we hold that the company had ceased to exist and could not be found when the impugned notice u/s. 148 of the Act was issued on 28.03.2016.

37. Impugned notice u/s. 148 of the Act dated 28.03.2016 was issued in the name of assessee LLP and therefore, the ld. DR submitted that although the company ceased to exist, the Ld. AO had rightly issued the notice to the successor LLP only. In this regard, we find that the LLP Act, 2008 does not allow the Ld. AO to initiate new proceedings in the name of the successor LLP after the date of conversion / registration. It only speaks about continuing the pending proceedings as on the date of registration. However, section 170 of the Income Tax Act, 1961 gives power to the Ld. AO to assess the income of the predecessor in the hands of the successor. On going through the said provisions of section 170 of the Act, it is noted that in sub-section (1) therein, when any business or profession is succeeded, then predecessor shall be assessed in respect of the income of the previous year in which succession took place upto the date of succession and the successor shall be assessed in respect of the income of the previous year after the date of succession. However, in sub-section (2), it refers to the assessment of predecessor who „cannot be found‟ which is relevant in the case at hand as the erstwhile company is a predecessor which cannot be found when the reassessment proceeding was initiated on 28.03.2016. The sub-section (2) provides that when the predecessor cannot be found, the assessment of the income of the predecessor can be made in the hands of the successor for the following period: