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Tax Publishers
Genpact India (P) Ltd. v. DCIT [ITA No.
583/Del/2020, dt. 23-7-2020] : 2020 TaxPub(DT) 3022 (Del.-Trib.)
Assessment in the hands of a non-existent entity
Facts:
Assessee Genpact India was merged with Genpact India
Private Limited thru a court approved merger. The department sought to tax
assessee Rs. 2,625 crores as consideration paid for a buyback under section
115QA which arose under a court approved re-organisation scheme under section
391 of Companies Act, 1956. Assessment order was framed by the revenue on the
erstwhile entity Genpact India. Commissioner (Appeals) upheld the views of
assessing officer. Assessee claimed that the assessment order itself was void
and invalid as it was on a non-existent person.
Held in favour of the assessee that the order of assessment
was void as it was issued on a non-existent assessee.
Editorial Note: The
facts of the whole ground of Rs. 2,625 crores if it was known would have made
it into an even better high pitched assessment.
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