Pre-liquidation period assessment cannot be completed ex-parte during liquidation period

Brief Facts of the Case M/s Asian Consolidated Industries Ltd. was engaged in the business of manufacturing of open top sanitary and general line canes. There were two other sister concerns namely M/s Asian Closures Ltd. & M/s Trans Asia Packaging Ltd. The sister concerns M/s Asian Closures Ltd. was amalgamated with M/s Asian Consolidated Industries Ltd. by virtue of an order of the Hon’ble Punjab & Haryana High Court. Thereafter, the effect of the said order was given by the Registrar of Companies. The assessee claimed to have maintained separate books of accounts of both the abo...