The A.O issued notice to the assessee under section 148 in connection with loss incurred of Rs. 7 Crores. The assessee made some arguments against the wrongfully issued notice by assessing officer before CIT(A). The assessee placed various decisions of Honorable Court that re-assessment of non-existence company cannot be done.
In the opinion of the Bench, re-assessment of non- existence Company that is dissolved company in the present situation is void ab-initio. The learned Bench rejected the order of A.O & passed the order in favour of the assessee.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-