Provisions of section 79 not applicable to deemed public company

Meredith Traders (P) Ltd. Vs ITO, ITAT Mumbai IT Appeal Nos. 3435 and 3436 (Mum.) of 2010 Assessment Years: 2004- 05 and 2005- 06 Decided on: 27 May 2011 Order R.S. Syal, AM 1. These two appeals by the assessee are directed against the order passed by the CIT under section 263 on 24-3-2010 in relation to the assessment years 2004-05 and 2005-06. Since both the appeals are based on identical facts and common grounds of appeal and further the ld. CIT(A) has also passed a common order, we are proceeding to dispose them by this consolidated order for the sake of convenience. 2. Br...