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TMI Blog2020 (3) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... s clause (L) which deals with discontinuance of business or dissolution and these provisions provide as to how and in what manner the liability against such Company arising under the Companies Act and under the Income Tax Act is required to be dealt with. Mere winding up or dissolution of the Company would not take away its liability, which is a matter to be gone into by the Assessing Officer. The decisions referred to by the learned counsel appearing for the appellant are not helpful to his case, since the Hon'ble Supreme Court in latest decision [ 2019 (3) TMI 703 - SUPREME COURT] has clearly held as stated supra and the relevant provisions of the Companies Act and the Income Tax Act have to be dealt with. Therefore, in our c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter on 18.07.2007 rejecting the objections raised by the appellant/assessee. The appellant, challenging the notice issued under Section 148 of the Income Tax Act and also the rejection order of the Assessing Officer dated 18.07.2007, had filed the writ petition in W.P.No.26276 of 2007. The learned single Judge, after considering the submissions made on both the parties, passed the order dated 26.07.2019, wherein, liberty was given to the appellant to raise further objections before the Assessing Officer to the notice dated 28.03.2007 issued under Section 148 of the Income Tax Act and on receipt of such objections, the Assessing Officer was directed to deal with it in accordance with law, and after giving due opportunity to the appellant, f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 241 ITR 0672 (Mad), (2004) 267 ITR 200 (Bom) and (2018) 404 ITR 10 (SC). The learned Single Judge had also not appreciated the facts brought to the knowledge of the Writ Court and instead of setting aside the orders of the Assessing Officer impugned in the writ petition, passed the order dated 26.07.2019 issuing direction to the Assessing Officer to consider the objections to be raised by the appellant, which would not at all suffice to give an end to the matter on hand. 4 The learned counsel appearing for the respondent contended that the respondent/Assessing Officer issued the notice, which is under challenge, is only based on the notes of accounts on the Balance Sheet as on 31.03.2000. Even though, the appellant had informed the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent about the sanction of Scheme of Arrangement for demerger, it is seen that subsequently there was no communication to the respondent, whether it is finally confirmed or not. Based on the notes on accounts of the Balance Sheet as on 31.03.2000, the respondent found it necessary to reopen the assessment of M/s.M.Ct.M.Corporation Pvt. Ltd., for A.Y.2000-2001 and hence issued notice under Section 148 of the Income Tax Act. The appellant sent letter on 05.04.2007 enclosing the confirmation order of this Court dated 27.06.2006, only after receiving notice under Section 148 issued on 28.03.2007 and subsequently raised objections and the respondent rejected the same. 7 On a perusal of the order passed in the writ petition, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded the matter back to the High Court to decide the matter afresh. 9 Mere winding up or dissolution of the Company would not take away its liability, which is a matter to be gone into by the Assessing Officer. The decisions referred to by the learned counsel appearing for the appellant are not helpful to his case, since the Hon'ble Supreme Court in latest decision stated supra reported in (2019) 104 taxman 192 (SC) has clearly held as stated supra and the relevant provisions of the Companies Act and the Income Tax Act have to be dealt with. 10 Therefore, in our considered view, there is no reason to interfere with the order of the learned Single Judge, since the learned Judge has not gone into the matter on merits and only given ..... X X X X Extracts X X X X X X X X Extracts X X X X
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