National Steels Vs. ITO, Ward-46(1), Delhi

Parties Involved

Facts Summary

The case involves National Steels, a partnership firm with PAN AAAFN2899Q, which claims to have dissolved in 2002 and converted into a proprietary concern owned by Shri Kishan Lakhani. No return of income was filed for the assessment year 2012-13. The Income Tax Officer (ITO) issued a notice under section 148 of the Income-tax Act, 1961, and proceeded to frame an assessment under section 144 of the Act, treating certain purchases as bogus and making additions under sections 68 and 69C of the Act. The assessee appealed against this assessment, arguing that the firm had ceased to exist and the assessment was invalid.…

Legal Issues

• 1. Whether the assessment can be declared void ab initio as it was framed in the hands of a non-existent firm.

Judgment Outcome

Decided in favour of Assessee.

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