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June 2024

Assessment — Company — Dissolution — No corporate existence continues — Company not in existence at the time of passing assessment order — No provision to assess dissolved company — Order against non- existent entity null and void:

By K B Bhujle | Ritu Punjabi, Advocates
Reading Time 6 mins

20 Rainawari Finance & Investment Company Pvt. Ltd. vs. ITO

[2024] 463 ITR 65 (J&K&L.)

A.Y.: 2004-05

Date of order: 3rd November, 2023

S. 143 of the ITA 1961 and S. 560 of the Companies Act, 1956

Assessment — Company — Dissolution — No corporate existence continues — Company not in existence at the time of passing assessment order — No provision to assess dissolved company — Order against non- existent entity null and void:

The assessee filed a NIL return of income for AY 2004-05. The return of income filed by the assessee contained a note stating that the assessee had filed an application before the ROC u/s. 560 of the Companies Act for striking off the name of the assessee from the Register of Companies. The assessment was completed u/s. 143(3) of the Act and addition of ₹1,00,75,000 was made on account of unsecured loan received during the earlier years and credited to

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