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TMI Blog2021 (3) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... ated:- 2-3-2021 - SHRI WASEEM AHMED, ACCOUNTANT MEMBER Ms. MADHUMITA ROY, JUDICIAL MEMBER Appellant by : Shri Vartik Chokshi, AR Respondent by : Shri R. R. Makwana, SR. DR ORDER PER Ms. MADHUMITA ROY JM The instant appeal filed by the assessee is directed against the order dated 27.08.2018 passed by the Commissioner of Income Tax (Appeals)-10, Ahmedabad arising out of the penalty order dated 27.03.2017 passed by the ACIT, Range-1(3), Ahmedabad under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred as to the Act ) for Assessment Year 2011-12. 2. The matter relates to the penalty order dated 27.08.2018 passed by the Ld. CIT(A) confirming the order passed by the Ld. ACIT, Range- 1(3), Ahme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the Hon ble Supreme Court in the case of PCIT vs. Maruti Suzuki India Limited reported in 416 ITR 613. 5. We have heard the respective parties and we have also perused the relevant materials available on record. 6. It appears that the fact of amalgamation of the earlier company namely Edelweiss Financial Advisors Limited (EFAL) with the new company namely Edelweiss Broking Limited (EBL) by and under the order dated 17.10.2014 passed by the Hon ble Gujarat High Court with effect from 01.10.2013, the amalgamating company i.e. EFAL stood dissolved from the date on which that amalgamation/transfer took effect and, thus, ceased to exist in the eyes of law, fact of which has been made known to the revenue as the said fact is reflecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... malgamation approved by the Hon ble High Court of Gujarat on 01.10.2013. 8. In this regard, we have also considered the judgment passed by the Coordinate Bench in the matter of Intas Lifesciences vs. ACIT being ITA No. 677 678/Ahd/2019 for A.Y. 2013-14 2014-15. It further appears that the judicial pronouncement relied upon by the Ld. AR passed by the Hon ble Apex Court in the case of PCIT vs. Maruti Suzuki India Limited has also been taken into consideration while deciding the issue in favour of the assessee. In the said case of Maruti Suzuki India Limited, on 29.01.2013 a scheme for amalgamation of SPIL and MSIL was approved by the Hon ble High Court with effect from 01.04.2012 in terms of which all liabilities and duties of the trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances cannot operate as an estoppel against law. This position now holds the field in view of the judgment of a co-ordinate Bench of two learned judges which dismissed the appeal of the Revenue in Spice Enfotainment (supra) on 2 November 2017. The decision in Spice Enfotainment has been followed in the case of the respondent while dismissing the Special Leave Petition for AY 2011-2012. In doing so, this Court has relied on the decision in Spice Enfotainment (supra). 34. We find no reason to take a different view. There is a value which the court must abide by in promoting the interest of certainty in tax litigation. The view which has been taken by this Court in relation to the respondent for AY 2011- 12 must, in our view be adopt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to issue a show cause notice against a juridical person contemplated in section 2(31) of the Income Tax Act and if a juridical person ceases to exist then it would not be construed as a person within the meaning of section 2(31) against whom any action can be taken. The Commissioner would not assume proper jurisdiction and such type of defect would not be cured with help of section 292B of the Act, because it is not a procedural irregularity which could be cured. We also note that this Tribunal in the case of Snowhill Agencies Pvt. Ltd. Vs. Pr. CIT bearing ITA No. 1775/AHD/2019 vide order dated 21-1-2020 involving identical facts and circumstances has decided the issue in favour of the assessee. In view of above, we note that the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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