- (1.) The limited question which impresses this Court is whether the arbitral tribunal could have upheld the commissioner's order under Section 263 of the Income Tax Act, 1961 without addressing the appellant's challenge thereto on the ground that the appellant had not been served any notice prior to such order being made and that the appellant was not afforded any opportunity of hearing before the commissioner passed the relevant order.
(2.) Several other technical points are raised, which may not be worthy of consideration.
(3.) It is not in dispute that the commissioner's order under Section 263 of the Act pertains to an assessment regarding a limited liability company for the assessment year 2008-09. It is also not in dispute that subsequent to such assessment year and prior to the commissioner's order being passed on March 28, 2013, the relevant company was dissolved upon its assets and liabilities being taken over as a going concern by the appellant herein as a limited liability partnership. There can be no doubt that upon the assets and liabilities of a business entity being taken over by another as a going concern, the previous liabilities of the original entity fasten on to the subsequent entity. It can also not be disputed that if a particular assessing officer and a relevant commissioner had jurisdiction over the original entity, such authorities would continue to have jurisdiction to reopen the matter pertaining to previous assessment years when the entity was in existence. The objections raised on such grounds do not appear to be worthy of any further consideration.;