Initiation of reassessment against non-existing company not sustainable

City Corporation Limited Vs ACIT (Bombay High Court) Bombay High Court held that reassessment proceeding u/s. 148 initiated against non-existing company is not sustainable in law in as much as the department was already informed about the merger. Accordingly, notice quashed. Facts- The petitioner City Corporation Limited [CCL] is engaged in constructing and developing infrastructure facilities. In terms of the NCLT’s order dated 27 April 2020, the CCL got merged with its wholly owned subsidiary “Amanora Future Tower Pvt. Ltd.” (AFTPL), with effect from 01 April 2018. On 31 March 2023, th...