Happy Suppliers Pvt. Ltd vs. ACIT, Central Circle-3(1), Kolkata
Parties Involved
Facts Summary
The assessee, Happy Suppliers Pvt. Ltd, filed its return of income for the relevant assessment years declaring NIL income. A search and seizure operation under section 132 of the Income Tax Act was conducted upon Fogla Group of companies, of which the assessee was a part. The assessee was issued a notice under section 148 of the Act and filed a return declaring NIL income. Various statutory notices were issued, and the assessee provided explanations regarding certain financial discrepancies. The Assessing Officer made additions to the assessee's income based on these explanations. Aggrieved by this, the assessee appealed to the Commissioner of Income Tax (Appeals), which was dismissed due to non-compliance. The assessee then appealed to the Income Tax Appellate Tribunal, raising additional grounds including the fact that the company had merged with Rishi Securities & Finance Private Limited and thus the assessment orders were invalid.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessment orders passed under section 147 of the Act on a non-existent company (post-merger) are valid.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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