No reassessment if assessee lost its existence due to merger before issuance of sec. 148 notice; SLP dismissed

IT: SLP dismissed against High Court ruling that where Assessing Officer issued notice under section 148 to assessee on ground that it had received certain accommodation entries from a bogus company, in view of fact that by time of issuance of notice, assessee had already merged with another company and thereby lost its legal existence, notice issued in name of assessee became invalid and, therefore, impugned reassessment proceedings deserved to be quashed

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