Assessment Issued in Wrong Name Post-Merger Not Correctable Under Section 292B

PCIT-7 Vs Vedanta Ltd. (Delhi High Court) Conclusion: Despite there was a valid disclosure made by assessee and AO being duly apprised of the factum of merger, AO made the draft assessment order in the name of a party which no longer existed on that date. Where an order being framed in the name of a non-existent entity was held to be a fatal flaw which could neither be corrected nor rectified by taking recourse to Section 292B. Held: Assessee M/s Vedanta Limited came into existence consequent to M/s Cairn India Limited amalgamating with it. However, Transfer Pricing Officer (TPO) while addres...