Allowing the petition the Court held that ,notice issued against transferor company , amalgamating entity ceases to have existence hence the notice and subsequent proceedings unsustainable. Accordingly the notice and all the proceedings taken pursuant thereto, were to be quashed and set aside.( AY.2012-13)
Gayatri Microns Ltd. v. ACIT (2020) 424 ITR 288 / 114 taxmann.com 318 (Guj)(HC)Editorial: SLP of revenue dismissed , due to low tax effect , ACIT v. Gayatri Microns Ltd. (2021) 278 Taxman 274 (SC)
S.147: Reassessment —Amalgamation – Notice issued against transferor-Amalgamating entity ceases to have existence- Notice and subsequent proceedings unsustainable [ S.148 , Art , 226 ]