9911796707
TMI Blog1989 (9) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... it (India) Ltd. in respect of the income of Tecalemit (India) Ltd. earned by it during the period 1-8-1963 to 31-3-1964?The assessment year involved in this reference is the assessment year 1964-65 for which the corresponding period of account is year ending 31-3-1964. 2. The facts of the case as stated by the Tribunal are as under: The assessee is Tecalemit (India) Ltd. which was a non-resident company. It had been carrying on business in India and was following as its accounting year, the year ending on 31st July. By an agreement dated 9-10-1964, the business of the assessee in India was taken over by Tecalemit (Hind) Ltd. with effect from 1-4-1964. The assessee filed its return of income for the assessment year 1964-65 correspondin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inal return. The revised return showed a total income of Rs. 1,70,360. The return was verified by one Shri K. Mukherjee who described himself as the Secretary of the assessee-company and was signed by him as For Tecalemit (India) Ltd., Tecalemit (Hind) Ltd. Sd/- 1-K. Mukherjee, Secretary. 3. The ITO made an assessment under section 144 of the Act on the basis of the revised return and this was cancelled under section 146 of the Act and a fresh assessment was made under section 143(3) computing the total income of the assessee for the period 1-8-1963 to 31-3-1964 on a total income of Rs. 3,07,439. Both, in the original assessment and in the subsequent fresh assessment the assessee was described as Tecalemit (India) Ltd. [through Successo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the predecessor was found and in fact a provisional assessment was made on the non-resident company. 7. Moreover, the non-resident company had filed its return and no further action for assessment was taken. The only point that has been taken on behalf of the department is that the Indian company had filed a return. But that does not alter the legal position in any way. The income accrued or arose to the non-resident company. If an assessment was to be made on the successor-company, it must be done in accordance with the provisions of law. If the predecessor-company could be assessed and was available for assessment, no proceeding could be taken against the successor under section 170(2). 8. In that view of the matter, the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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