Case Law Details
Shapoorji Pallonji Samalpatti Operator Services Private Limited Vs ACIT (Madras High Court)
In a recent judgment, the Madras High Court has set aside an assessment order dated 09.03.2022 passed by the second respondent under Section 147 r/w Section 144 of the Income Tax Act, 1961 for the Assessment Year 2013-14. The case involves Shapoorji Pallonji Samalpatti Operator Services Private Limited (Transferor Company) against the Assistant Commissioner of Income Tax (ACIT).
Background
The petitioner, represented by Ms. Gayatri.T, challenged the assessment order, contending that it was based on the petitioner’s alleged failure to disclose investments in Mutual Funds amounting to Rs.3.10 Crores. The order stated that show cause notices were sent to the assessee, and as no response was received, the assessment order was passed under relevant sections of the Income Tax Act.
The petitioner argued that the Transferor Company had merged with the Transferee Company by an order dated 14.10.2011 passed by the Bombay High Court. The show cause notice issued on 15.11.2021 was for the Assessment Year 2013-14, but by that time, the Transferor Company had already been dissolved.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
