Case Law Details
Abbott India Ltd. Vs ACIT (ITAT Mumbai)
ITAT Mumbai held that where assessee company was amalgamated with another company and thereby lost its existence, assessment order passed subsequently in name of said non-existing entity, would be without jurisdiction and liable to be set aside.
Facts- The assessee Solvay Pharma India Ltd. , engaged in the business of manufacturing and trading in pharmaceuticals, filed its return of income declaring total income of ₹48,34,49,690/- on 30th September, 2008.
As the assessee has entered into international transaction, it was referred to the TPO to determine the Arm’s Length Price of the same. TPO passed an order under Section 92CA(3) of the Act proposing an adjustment of ₹1,64,90,460/-. AO also disallowed several expenditure and also made an adjustment under Section 145A of the Act and accordingly, total income was determined in the draft assessment order at ₹51,67,05,479/-. Objections to the draft assessment order were filed before the learned Dispute Resolution Panel, who gave a direction on 30th July, 2012 and based on that final assessment order was passed determining total income of the assessee at ₹51,62,20,927/-.
Against this assessment order Abbott India Ltd. as successor to Solvay Pharma India Ltd. preferred this appeal before us.
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