Saraswati Industrial Syndicate Ltd. v. CIT

186 ITR 278Supreme Court of India1990#1437 most cited

What is Saraswati Industrial Syndicate Ltd. v. CIT authority for?

Upon amalgamation, the amalgamating company ceases to exist in the eyes of the law. Therefore, any assessment or proceeding initiated against a non-existent amalgamating company is invalid as it is no longer considered a 'person' under the Income-tax Act.

79

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

Saraswati Industrial Syndicate Ltd. v. CIT · amalgamation · non-existent entity assessment · transferor company ceases to exist · Section 2(31) person · Section 147 · Section 148 · assessment validity · Companies Act scheme of arrangement · post-amalgamation assessment

Also reported as

53 Taxmann 92

Sections most often in play

Section 143(3)Section 147Section 148Section 144Section 292BSection 250Section 148ASection 151
Read the full judgment

Issues it is cited on

transferor companysection 170section 39section 2(31)section 2(1a)scheme of arrangementtransferee companyresulting companyamalgamationsection 292bdoctrine of mergerfaceless assessment scheme

Judgments citing Saraswati Industrial Syndicate Ltd. v. CIT

Amazon Smart Commerce Solutions Private Limited, Delhi vs. Principal Commissioner of Income Tax, Delhi-1, Delhi

ITA 3533/DEL/2025[2021-22]Status: DisposedITAT Delhi18 Mar 2026AY 2021-22

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumar

Section 143(1)Section 143(3)Section 263Section 40A(2)

…nary proceedings having been initiated and completed in the name and PAN of a non-existent entity is, in view of the settled law, illegal and bad in law. Reliance in this regard is placed on the following decisions: Saraswati Industrial Syndicate Ltd. v. CIT: 186 ITR 278 (SC) PCIT vs. Maruti Suzuki India Ltd.: 416 ITR 613 (SC) PCIT v. Vedanta Ltd.: [2025] 170 taxmann.com 833 (Del) International Hospital Ltd. v. DCIT [2024] 167 taxmann.com 317 (Del) Spice Entertainment Ltd. CST 2012 (280) ELT 43 (Del) PCIT v. Vertex Customer Management India Private Limited: ITA No. 606/2019 (Del) Religare Enterprises Limited v. A…

Mrs. Surekha Legal Representative of Late Shri. Devaraj, Bengaluru vs. Income Tax Officer, Ward-7(2)(5), Bangalore

In the result, appeal filed by the assessee is allowed

ITA 2419/BANG/2025[2018-19]Status: DisposedITAT Bangalore06 Mar 2026AY 2018-19

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyassessment Year : 2018-19 Mrs. Surekha (Legal Representative Of Late Shri Devaraj, Since Dead) No.112, 1St Main, Ramarao Layout Vs. Ito Bsk 3Rd Phase, 3Rd Stage Ward 7(2)(5) Bengaluru 560 085 Bengaluru Pan No :Asvps2939R Appellant Respondent Appellant By : Sri Balachandran, A.R. Respondent By : Sri N. Balusamy, D.R. Date Of Hearing : 17.02.2026 Date Of Pronouncement : 06.03.2026

For Appellant: Sri Balachandran, A.RFor Respondent: Sri N. Balusamy, D.R
Section 143(2)Section 250

…that the PAN in the name of the non-existent entity had remained active does not create an exception in favour of the revenue to dilute in any manner the principles enunciated by the Apex Court in Saraswati Industrial Syndicate Ltd. v. CIT [1990] 53 Taxman 92/186 ITR 278 (SC) and in the case of Maruti Suzuki India Ltd. (supra). Mrs. Surekha (Legal Rep. of Late Shri Devaraj, since dead), Bengaluru Page 17 of 19 12. Keeping in mind, the averments in paragraph 20 of the reply, extracted hereinabove, this Court is of the view that the respondent no. 1 would not have been wrong, keeping the settled law in mind, in abs…

Ampi Finance Limited, Kolkata vs. I.T.O., Ward-4(3), Kolkata

Appeal of the assessee is allowed

ITA 2831/KOL/2025[2012-13]Status: DisposedITAT Kolkata05 Mar 2026AY 2012-13

Bench: the Bench that the re-opening of

Section 143(3)Section 144Section 147Section 148Section 148(2)Section 250Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA SHRI RAJESH KUMAR, ACCOUNTANT MEMBER PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER I.T.A. No. 2831/Kol/2025 (Assessment Year 2012-2013) Ampi Finance Limited, (Successor Company of Atlantic Vintrade Pvt. Ltd.), 3rd Floor, 22, R.N. Mukherjee Road, Kolkata - 700001 [PAN: AACCA3680R] …..…...…………….... Appellant vs. Income Tax Officer, Ward-4(3), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 700069 ……..…...…………….... Respondent Appearances by: Assessee represented by : S.K. Tulsiyan, Advocate Lata Goyal, CA Department represented by : Ranu Biswas, CIT,…

Jadagadder Pakkerappa, Legal Heir Sarojamma, Shikaripura vs. Income Tax Officer, Ward-1 & Tps, Shimoga

In the result, appeal filed by the assessee is allowed

ITA 1406/BANG/2025[2016-17]Status: DisposedITAT Bangalore25 Feb 2026AY 2016-17

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year : 2016-17

For Appellant: Sri Varun Bhat, A.RFor Respondent: Sri Balusamy N., D.R
Section 142(1)Section 144Section 147Section 148Section 15Section 250

…that the PAN in the name of the non-existent entity had remained active does not create an exception in favour of the revenue to dilute in any manner the principles enunciated by the Apex Court in Saraswati Industrial Syndicate Ltd. v. CIT [1990] 53 Taxman 92/186 ITR 278 (SC) and in the case of Maruti Suzuki India Ltd. (supra). 12. Keeping in mind, the averments in paragraph 20 of the reply, extracted hereinabove, this Court is of the view that the respondent no. 1 would not have been wrong, keeping the settled law in mind, in abstaining from issuing a notice on the deceased assessee. The respondent no. 2 would a…

Happy Suppliers Pvt. Ltd., (Merged With Rishi Securities & Finance Private Limited), Kolkata vs. ACIT, Central Circle 3(1), Kolkata

In the result, both the captioned appeals of the assessee are allowed

ITA 2578/KOL/2025[2021-2022]Status: DisposedITAT Kolkata12 Feb 2026AY 2021-2022

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyita Nos.2577 & 2578/Kol/2025 (Assessment Years: 2016-17 & 2021-22) Happy Suppliers Pvt. Ltd (Merged With Rishi Securities & Finance Private Limited)……….……….……Appellant Octavius Centre, 1St Floor, 15B, Hemant Basu Sarani, Kol-1. [Pan: Aabch9212M] Vs. Acit, Central Circle-3(1), Kolkata….……………………….....……...…..…..Respondent Appearances By: Shri S. K. Tulsiyan, Advocate & Lata Goyal, Ca, Appeared On Behalf Of The Appellant. Shri Sandip Sarkar, Jcit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 28, 2026 Date Of Pronouncing The Order : February 12, 2026 Order Per Pradip Kumar Choubey: Both The Present Appeals Have Been Preferred By The Assessee Against Separate Orders Dated 08.09.25 & 28.08.2025 Of The Commissioner Of Income Tax (Exemption)-21, Kolkata [Hereinafter Referred To As ‘Cit(E)’] U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Respectively. Since Both The Appeals Relate To The Assessee & Facts Are Similar, Therefore, These Appeals Were Heard Together & We Are Going To Dispose Of These Appeals By Passing A Consolidated Order. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income For The Relevant A.Y Declaring Nil Income. A Search & Seizure

Section 132Section 143(2)Section 147Section 148Section 250Section 56(2)Section 56(2)(x)Section 69Section 69A

…approval of the amalgamation as also been brought into the notice of the department so the department was very much aware of the amalgamation of Happy Suppliers Pvt. Ltd. He has cited following case laws: i. Saraswati Industrial Syndicate Ltd. vs. CIT [1990] 186 ITR 278 (SC) ii. PCIT vs. Maruti Suzuki India Ltd. [2019] 416 ITR 613 (SC) 5. Contrary to that, the ld. DR supports the impugned order thereby submitting that this ground has not been taken by the assessee before the lower authorities and further before the ld. CIT(A), there was non- cooperation, hence, at this stage, the assessee cannot be permitted t…

Happy Suppliers Pvt. Ltd., (Merged With Rishi Securities & Finance Private Limited), Kolkata vs. ACIT, Central Circle 3(1), Kolkata

In the result, both the captioned appeals of the assessee are allowed

ITA 2577/KOL/2025[2016-2017]Status: DisposedITAT Kolkata12 Feb 2026AY 2016-2017

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyita Nos.2577 & 2578/Kol/2025 (Assessment Years: 2016-17 & 2021-22) Happy Suppliers Pvt. Ltd (Merged With Rishi Securities & Finance Private Limited)……….……….……Appellant Octavius Centre, 1St Floor, 15B, Hemant Basu Sarani, Kol-1. [Pan: Aabch9212M] Vs. Acit, Central Circle-3(1), Kolkata….……………………….....……...…..…..Respondent Appearances By: Shri S. K. Tulsiyan, Advocate & Lata Goyal, Ca, Appeared On Behalf Of The Appellant. Shri Sandip Sarkar, Jcit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 28, 2026 Date Of Pronouncing The Order : February 12, 2026 Order Per Pradip Kumar Choubey: Both The Present Appeals Have Been Preferred By The Assessee Against Separate Orders Dated 08.09.25 & 28.08.2025 Of The Commissioner Of Income Tax (Exemption)-21, Kolkata [Hereinafter Referred To As ‘Cit(E)’] U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Respectively. Since Both The Appeals Relate To The Assessee & Facts Are Similar, Therefore, These Appeals Were Heard Together & We Are Going To Dispose Of These Appeals By Passing A Consolidated Order. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income For The Relevant A.Y Declaring Nil Income. A Search & Seizure

Section 132Section 143(2)Section 147Section 148Section 250Section 56(2)Section 56(2)(x)Section 69Section 69A

…approval of the amalgamation as also been brought into the notice of the department so the department was very much aware of the amalgamation of Happy Suppliers Pvt. Ltd. He has cited following case laws: i. Saraswati Industrial Syndicate Ltd. vs. CIT [1990] 186 ITR 278 (SC) ii. PCIT vs. Maruti Suzuki India Ltd. [2019] 416 ITR 613 (SC) 5. Contrary to that, the ld. DR supports the impugned order thereby submitting that this ground has not been taken by the assessee before the lower authorities and further before the ld. CIT(A), there was non- cooperation, hence, at this stage, the assessee cannot be permitted t…

Deputy Commissioner of Income-Tax, Central Circle-2(2), Bengaluru vs. M/S Trishul Developers, Bengaluru

ITA 767/BANG/2025[2010-11]Status: DisposedITAT Bangalore29 Sept 2025AY 2010-11

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

For Appellant: Shri. A. Shankar, Sr. AdvocateFor Respondent: Shri. Muthu Shankar, CIT(DR)(ITAT), Bangalore
Section 132Section 153ASection 153CSection 292Section 69C

…onsequence provided in law, in number of cases, the Supreme Court held that assessment upon a dissolved company isimpermissible as there is no provision in Income-Tax to make an assessment thereupon. In the case of Saraswati Industrial Syndicate Ltd. Vs. CIT, 186 ITR 278 the legal position is explained in the following terms: "The question is whether on the amalgamation of the Indian Sugar Company with the appellant Company, the Indian Sugar Company continued to have its entity and was alive for the purposes of Section 41(1) of the Act. The amalgamation of the two companies was effected under the order of the Hig…

Varam Capital Pvt. Ltd., Chennai vs. DCIT, Corp. Circle-3(1), Chennai

In the result, appeal of the assessee is allowed

ITA 1222/CHNY/2025[2017-18]Status: DisposedITAT Chennai01 Sept 2025AY 2017-18

Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI HON'BLE S.R. RAGHUNATHA (Accountant Member)

For Appellant: Shri T.V.Muthuabhirami, AdvocateFor Respondent: Shri AR V Sreenivasan, CIT
Section 143(3)Section 144Section 263Section 68

…officer to pass as an order u/s.144. 6. We have heard both parties and perused the record, written submissions. Now we have to see the judgments on this point. 7. The decision of the Hon’ble Supreme Court in case of Saraswati industrial syndicate versus CIT 186 ITR 278 (SC) wherein the Hon’ble Supreme Court held that on amalgamation the amalgamating company ceased to exist in the eye of the law. Similarly, the decision of Hon’ble Delhi High Court in case of micron steels private limited 372 ITR 386 (Delhi) and the decision of the Hon’ble Supreme Court in case of martial sons 223 ITR 809 (SC). 8. It has been he…

M/S. Ashok Leyland Ltd., Chennai vs. DCIT, Corporate Circle-1(1), Chennai

In the result, appeal filed by the assessee is allowed

ITA 602/CHNY/2025[2017-18]Status: DisposedITAT Chennai29 Jul 2025AY 2017-18

Bench: Shri Aby T. Varkey & Shri Jagadish

Section 143(2)Section 143(3)Section 148

…the amalgamating company, including tax liabilities. This fact is also present in the case before us. (iii) The Supreme Court after referring to the decision in the case of Saraswati Industrial Syndicate Ltd. v. Commissioner of Income-tax [1990] 53 Taxman 92/186 ITR 278 (SC)observed that the consequence of the scheme of amalgamation is that the amalgamating company ceased to exist. In the instant case before us also, this would be the consequence insofar as RPEL and RPPL are concerned. (iv) Upon ceasing to exist, an entity cannot be regarded as a "person'' under Section 2(31) of the Act against whom an assessme…

DCIT, Central Circle, 1-(4), Kolkata vs. Kkalpana Industries India Limited, Kolkata

In the result, appeal of the revenue is dismissed

ITA 2589/KOL/2024[2010-11]Status: DisposedITAT Kolkata03 Jul 2025AY 2010-11

Bench: Shri George Mathan & Shri Sanjay Awasthiआयकर अपील सं/Ita No.2589/Kol/2024 (निर्धारण वर्ा / Assessment Year : 2010-2011) Dcit, Central Circle-1(4), Vs Kkalpana Industries India Ltd. 4Th Floor, Room No.3, New Kolkata B.K.Market, Middleton Row, Kolkata-700071 Pan No. :Aabck 2239 D (अपीलधर्थी /Appellant) (प्रत्यर्थी / Respondent) .. निर्धाररती की ओर से /Assessee By : Shri S.K.Tulsiyan, Advocate रधजस्व की ओर से /Revenue By : Shri Pankaj Pandey, Addl. Cit-Sr.Dr सुनवाई की तारीख / Date Of Hearing : 03/07/2025 घोषणा की तारीख/Date Of Pronouncement : 03/07/2025 आदेश / O R D E R Per George Mathan, Jm : This Is An Appeal Filed By The Revenue Against The Order Dated 10.07.2024 Of The Ld. Cit(A), Kolkata-20, Passed For The Assessment Year 2010-2011. 2. Shri Pankaj Pandey, Ld. Sr. Dr Appeared On Behalf Of The Revenue. Shri S.K.Tulsiyan, Ld. Ar Appeared On Behalf Of The Assessee. 3. The Appeal Of The Revenue Is Barred By 79 Days. In This Regard, The Revenue Has Filed An Application For Condonation Of Delay Stating Therein Sufficient Reasons Which Are Plausible & Not Found To Be False. Accordingly, Delay Of 79 Days In Filing The Appeal Is Condoned & The Appeal Is Admitted For Hearing. 4. It Was Submitted By The Ld. Dr That The Return Filed By The Assessee Was Originally Processed U/S.143(1) Of The Act. It Was The Submission That The Assessment Was Reopened By Issuing Of Notice U/S.148 Of The Act Dated

For Appellant: Shri S.K.Tulsiyan, AdvocateFor Respondent: Shri Pankaj Pandey, Addl. CIT-Sr.DR
Section 133(6)Section 142(1)Section 143(1)Section 148Section 68

…1A, BALLYOUNGE CIRCULAR ROAD, KOLKATA-700 019, Ph. 2486-4076 was held that, *6. The order of assessment and the notices impugned are clearly untenable in love in view of the Apex Court Judgment in Saraswati Industrial Syndicate Ltd. v. CIT [1990] 53 Taxman 92/186 ITR 278, wherein the following principles were formulated "S. Generally, where only ant company is involved in change and the rights of the shareholders and creditors are varied, it amounts to reconstruction or reorganization or scheme of arrangement in amalgamation too or more companies are fused into one by merger or by taking over by another Reconstru…

DCIT-CC-5(4), Mumbai vs. Raghuleela Estates Pvt Ltd, Mumbai

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

ITA 5741/MUM/2024[2016-17]Status: DisposedITAT Mumbai21 May 2025AY 2016-17

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 143(3)Section 147Section 148Section 148ASection 24

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.5741/Mum/2024 (Assessment Year :2016-17) & DCIT-CC 5 (4), Vs. Raghuleela Estates Pvt. Ltd., Mumbai (Formerly known as Wadhwa Room No.436, 4th Associates and Realtors Pvt. Floor Ltd., Kauilya Bhawan 301, Platina, Plot No.C-59 Bandra Kurla G Block, Bandra Kurla Complex Complex, Bandra East Mumbai- 400 051 Mumbai – 400 098 PAN/GIR No.AAACW5273G (Appellant) .. (Respondent) CO No.285/Mum/2024 (Arising out of ITA No.5740/Mum/2024) (Assessment Year :2013-14) CO No.284/Mum/2024…

DCIT-CC-5(4), Mumbai vs. Raghuleela Estates Pvt Ltd, Mumbai

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

ITA 5740/MUM/2024[2013-14]Status: DisposedITAT Mumbai21 May 2025AY 2013-14

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 143(3)Section 147Section 148Section 148ASection 24

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.5741/Mum/2024 (Assessment Year :2016-17) & DCIT-CC 5 (4), Vs. Raghuleela Estates Pvt. Ltd., Mumbai (Formerly known as Wadhwa Room No.436, 4th Associates and Realtors Pvt. Floor Ltd., Kauilya Bhawan 301, Platina, Plot No.C-59 Bandra Kurla G Block, Bandra Kurla Complex Complex, Bandra East Mumbai- 400 051 Mumbai – 400 098 PAN/GIR No.AAACW5273G (Appellant) .. (Respondent) CO No.285/Mum/2024 (Arising out of ITA No.5740/Mum/2024) (Assessment Year :2013-14) CO No.284/Mum/2024…

DCIT -CC-5(4), Mumbai vs. Raghuleela Estate Private Limited, Mumbai

In the result, all the appeals of the Revenue are dismissed and Cross Objections of the assessee are allowed

ITA 5739/MUM/2024[2020-21]Status: DisposedITAT Mumbai21 May 2025AY 2020-21

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 143(3)Section 147Section 148Section 148ASection 24

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.5741/Mum/2024 (Assessment Year :2016-17) & DCIT-CC 5 (4), Vs. Raghuleela Estates Pvt. Ltd., Mumbai (Formerly known as Wadhwa Room No.436, 4th Associates and Realtors Pvt. Floor Ltd., Kauilya Bhawan 301, Platina, Plot No.C-59 Bandra Kurla G Block, Bandra Kurla Complex Complex, Bandra East Mumbai- 400 051 Mumbai – 400 098 PAN/GIR No.AAACW5273G (Appellant) .. (Respondent) CO No.285/Mum/2024 (Arising out of ITA No.5740/Mum/2024) (Assessment Year :2013-14) CO No.284/Mum/2024…

Aksh Optifibre Limited, New Delhi vs. ACIT, Circle - 2, Alwar

In the result, all the appeal of the assessee is allowed

ITA 170/JPR/2024[2010-11]Status: DisposedITAT Jaipur20 May 2025AY 2010-11
For Appellant: Shri Akul Agarwal, C.A. (thr. V.C.)For Respondent: Shri Arvind Kumar, CIT-DR
Section 143(3)Section 147Section 148Section 156Section 234ASection 250

…आयकर अपीलीय अधिकरण, जयपुर न्यायपीठ, जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR डा० एस. सीतालक्ष्मी, न्यायिक सदस्य एवं श्री गगन गोयल, लेखा सदस्य, के समक्ष BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI GAGAN GOYAL, AM आयकर अपील सं./ITA No. 170/JPR/2024 निर्धारण वर्ष / Assessment Year : 2010-11 Aksh Optifibre Limited A-25, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi. बनाम | The ACIT, Vs. Circle-2, Alwar. स्थायीलेखा सं. / जीआईआर सं./PAN/GIR No.: AAACA0062F अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओरसे / Assesseeby : Shri Akul Agarwal, C.A. (thr. V.C.) राजस्व क…

Venetian Ldf Projects LLP, Gurgaon vs. ACIT Circle-4(1), Gurgaon

In the result, grounds raised by the assessee are dismissed

ITA 3533/DEL/2019[2014-15]Status: DisposedITAT Delhi01 May 2025AY 2014-15

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumar

Section 143(1)Section 143(3)Section 263Section 40A(2)

…ry proceedings having been initiated and completed in the name and PAN of a non-existent entity is, in view of the settled law, illegal and bad in law. Reliance in this regard is placed on the following decisions: - Saraswati Industrial Syndicate Ltd. v. CIT: 186 ITR 278 (SC) - PCIT vs. Maruti Suzuki India Ltd.: 416 ITR 613 (SC) - PCIT v. Vedanta Ltd.: [2025] 170 taxmann.com 833 (Del) - International Hospital Ltd. v. DCIT [2024] 167 taxmann.com 317 (Del) - Spice Entertainment Ltd. CST 2012 (280) ELT 43 (Del) - PCIT v. Vertex Customer Management India Private Limited: ITA No. - 606/2019 (Del) - Religare Enterprise…

DCIT-15(1)(2), Mumbai vs. Carron Investment Private Limited, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 4187/MUM/2023[2013-14]Status: DisposedITAT Mumbai11 Dec 2024AY 2013-14

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhail

For Appellant: Shri Gautam ThakkarFor Respondent: Shri Krishnakumar, Sr.DR
Section 143(3)Section 147Section 148Section 250Section 292B

…3-14) 9 entity is a substantive illegality and would not be procedural violation of Section 292(b) of the Act.The Supreme Court in its aforesaid decision, has quoted an extract from its decision in Saraswati Industrial Syndicate Lid. v CIT [1990] 53 Taxman 92/186 ITR 278 (SC). The Supreme Court has also referred to decision of Delhi high court in the case of CIT v Spice Enfotainment Ltd. [2018] 12ITR- OL 134 (SC) and observed that in its decision Delhi high court had held that assessment order passed against non-existing company would be void. Such defect cannot be treated as procedural defect and mere participat…

International Hospital Limited vs. DCIT Circle 12 (2)

ITA/116/2023HC Delhi26 Sept 2024

Bench: HON'BLE MR. JUSTICE RAVINDER DUDEJA,HON'BLE MR. JUSTICE YASHWANT VARMA

…quence provided in law, in number of cases, the Supreme Court held that assessment upon a dissolved company is impermissible as there is no provision in Income-Tax to make an assessment thereupon. In the case of Saraswati Industrial Syndicate Ltd. v. CIT, 186 ITR 278 the legal position is explained in the following terms: “The question is whether on the amalgamation of the Indian Sugar Company with the appellant Company, the Indian Sugar Company continued to have its entity and was alive for the purposes of Section 41(1) of the Act. The amalgamation of the two companies was effected under the order o…

Griffin Marine Travel Private Limited (Amalgamated With Instone India Private Limited), Mumbai vs. ACIT Circle (1)(1), Mumbai

In the result, the appeal of the assessee for AY 2015-16 is allowed

ITA 4197/MUM/2023[2015-16]Status: DisposedITAT Mumbai10 Sept 2024AY 2015-16

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

For Appellant: Shri Kumar Kale, Adv
Section 143(3)Section 147Section 148Section 210

…n'ble Bombay High Court has considered the similar issue in the case of CLSA India Pvt. Ltd. (supra) where it has been held that “5. This is clearly untenable in view of the Apex Court judgment in Saraswati Industrial Syndicate Ltd. v. CIT [1990] 53 Taxman 92/186 ITR 278 wherein the following principles were formulated: "5. Generally, where only one company is involved in change and the rights of the shareholders and creditors are varied, it amounts to reconstruction or re-organization or scheme of arrangement. In amalgamation two or more companies are fused into one by merger or by taking over by another. Recons…

Griffin Marine Travel Private Limited (Amalgamated With Instone India Private Limited), Mumbai vs. ACIT Circle(1)(1), Mumbai

In the result, the appeal of the assessee for AY 2015-16 is allowed

ITA 4196/MUM/2023[2013-14]Status: DisposedITAT Mumbai10 Sept 2024AY 2013-14

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

For Appellant: Shri Kumar Kale, Adv
Section 143(3)Section 147Section 148Section 210

…n'ble Bombay High Court has considered the similar issue in the case of CLSA India Pvt. Ltd. (supra) where it has been held that “5. This is clearly untenable in view of the Apex Court judgment in Saraswati Industrial Syndicate Ltd. v. CIT [1990] 53 Taxman 92/186 ITR 278 wherein the following principles were formulated: "5. Generally, where only one company is involved in change and the rights of the shareholders and creditors are varied, it amounts to reconstruction or re-organization or scheme of arrangement. In amalgamation two or more companies are fused into one by merger or by taking over by another. Recons…

ACIT Circle 1(2)(1), Mumbai vs. M B Patil Construction Limited, Mumbai

ITA 98/MUM/2023[2018-19]Status: DisposedITAT Mumbai16 Apr 2024AY 2018-19
Section 143(3)Section 145(3)Section 40Section 44A

…Appliances Co. Ltd. (supra) was affirmed by the Hon'ble Apex 18 ITA Nos.303 & 98/Mum/2023 M/s. Patil Construction and Infrastructure Limited (M.B. Patil Constructions Limited since amalgamated) Court in the case of Saraswati Industrial Syndicate Ltd. Vs. CIT 186 ITR 278 (SC). Briefly, the facts giving rise to this appeal are that the appellant, Saraswati Industrial Syndicate, was a limited company carrying on the business of manufacture and sale of sugar and machinery for sugar mills and other industries. Another company, namely, the Indian Sugar and General Engineering Corporation (hereinafter referred to as "t…