There cannot be a further liability fastened on a proprietary concern in respect of credit entries which have already suffered tax in hands of a company with which said concern got merged

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF MADRAS, IN THE CASE OF: CIT Vs. Sudarshan Kumar Rungta, APPEAL NO: Tax Case (Appeal) No. 630 of 2009, DECIDED ON July 20, 2009 RELEVANT PARAGRAPH The brief facts are that the assessee herein is a proprietary concern. The assessment relates to the assessment year 2003-. 2004. The assessment order came to be made on 28.3.2006. At the time when the assessment order came to be passed, the assessing authority himself has noted that the assessee’s proprietary concern was converted into a private limited company named ” Raunaq Steel Trading Pvt...