Allowing the petition the Court held that the notice under section\u00a0148\u00a0of the\u00a0Income-tax Act, 1961\u00a0which formed the basis for reassessment proceedings under section\u00a0147\u00a0was issued in the name of the assessee which was a non-existent entity due to amalgamation under the order of the court and despite the fact that the Department having been informed. The fact that the permanent account number in the name of the non-existent entity remained active did not create an exception to the principles enunciated in\u00a0PCIT\u00a0 v. Maruti Suzuki India Ltd (2019) 416 ITR 613 (SC). \u00a0The notice of reassessment and consequential demand notice\u00a0and penalty notice for the assessment were set aside. (AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148 : Reassessment-Notice-Amalgamation-Amalgamating Company ceases to exist-Notice and initiation of reassessment proceedings void ab initio-Permanent Account Number Of Non-Existent entity remaining active. [S. 147, 156, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34617","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-90l","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34617"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34617\/revisions"}],"predecessor-version":[{"id":34618,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34617\/revisions\/34618"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}