Dcit,Cc-4(4), Kolkata, Kolkata vs M/S Mani Square Ltd., Kolkata on 15 November, 2017
"22. The Supreme Court in the case of Maruti Suzuki India Ltd.
(supra) had considered that income, which was subject to be
7
ITA NOs. 7723, 7724, 7767 & 7729/MUM/2019
M/s. Sandhya Enterprises & M/s. Sankeshwar Enterprises
charged to tax for the assessment year 2012-13 was the income of
erstwhile entity prior to amalgamation. Transferee had assumed
liabilities of transferor company, including that of tax. The
consequence of approved scheme of amalgamation was that
amalgamating company had ceased to exist and on its ceasing to
exist, it cannot be regarded as a person against whom assessment
proceeding can be initiated. In said case before notice under section
143(2) of the Act was issued on 26-9-2013, the scheme of
amalgamation had been approved by the high court with effect from
1-4-2012. It has been observed that assessment order passed for
the assessment year 2012-13 in the name of non-existing entity is a
substantive illegality and would not be procedural violation of Section
292(b) of the Act.