Allowing the petition the Court held that assessee-company was merged into another company, under an approved scheme cleared by NCLT, and thereby lost its existence, and order of merger was available to revenue. Accordingly the notice issued under section 148 in name of non-existent company was bad-in-law. Followed PCIT v. Maruti Suzuki India Ltd (2019)) 416 ITR 613 (SC). (AY 2012-13)
Vahanvati Consultants (P) Ltd. v. ACIT (2022) 448 ITR 258/138 taxmann.com 51 (Bom.)(HC) Editorial: SLP of Revenue disposed off granting liberty to pursue appropriate proceedings in accordance with law by way of a review before High Court, ACIT v. Vahanvati Consultants (P) Ltd. (2022) 287 Taxman 176/131 CCH 161 (SC)
S. 148 : Reassessment-Notice-Merger-Succession to business otherwise than on death-Notice issued in the name of non-existent company-Notice is bad in law. [S. 147, 170, 292B, Art. 226]