Assessment of a dissolved company is illegal

Brief of the case:

In the case of Advance India Projects Ltd. Vs. ACIT Delhi bench of ITAT have held that assessment upon a dissolved company is impermissible as there is no provision in Income-tax Act, 1961 to make an assessment thereupon. ITAT saw that the company, against which notice u/s 148 was issued along with assessee, had amalgamated in the assessee company. Further ITAT observed that there are many error in the issuance of notice and ITAT held that assessment is liable to quash.

Facts of the case:

• The assessee engaged in real estate business had filed its return of income at Rs.9,68,170 which was processed under sec. 143(1).

Please become a Premium member. If you are already a Premium member, login here to access the full content.