Income Tax Assessment against Company Dissolved and Struck Off u/s 560(5) of Companies Act Held Invalid: ITAT

The ITAT has ruled that an "income tax assessment against a company dissolved and struck off" under Section 560(5) of the Companies Act is "invalid." The tribunal's decision is a significant step towards ensuring that the income tax authorities are not misusing their power. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason. The court’s decision is a crucial reminder to all businesses that they must be diligent in their dealings.