Gujarat HC quashed inflated tax assessment of ₹393.97 crore issued on a non-existent PAN

Punjab National Bank Vs ITO (Gujarat High Court) Conclusion: An assessment order passed in the name of a non-existent entity, such as a company that has been amalgamated into another, was a fundamental jurisdictional error and was null and void from the beginning. Respondent income tax department was taking corrective proactive steps for resolution of the issues which were raised in this petition pertaining to initiation or proceedings on dead person/amalgamated companies or business and inactive or multiple PANs in the software system of the department. Held: Assessee-bank, filed a writ petit...