- (1.) By means of the present writ petition, the petitioner has challenged the assessment order dated September 5, 2009 passed by opposite party No. 3 for the assessment year 2005-06 and the order dated October 22, 2009/November 3, 2009 passed by opposite party No. 2.
(2.) Heard Shri Ashok Kumar, learned counsel for the petitioner and Shri H. P. Srivastava, learned Additional Chief Standing Counsel on behalf of the opposite parties.
(3.) Factual matrix of the present case as submitted by the learned counsel for the petitioner are to the effect that Onida Savak Ltd. (hereinafter referred to as, "the OSL") was registered under the Companies Act, 1956. OSL could not cope up with stiff competition posed by the multi-national companies in the field in which it was operating as a result of which the company suffered huge losses. Accordingly, the same was declared sick under the provision of the Sick Industrial Companies (Special Provisions) Act, 1985 (in short, "the SICA") and IDBI was appointed as operating agency under section 17(3) of the SICA with the direction to arrange for issue of advertisement in respect to change of management and to submit a full tide up scheme for merger. Thereafter, the merger had taken place and in place of OSL the petitioner, M/s. Mirc Electronics Ltd., has come into existence as OSL merged with M/s. Mirc Electronics Ltd. (petitioner-company). Initially, the OSL has been granted an eligibility certificate under section 4A of the U.P. Trade Tax Act, 1948 (hereinafter referred to as, "the Act") and the said eligibility certificate was valid up till December 25, 2009.;