JUDGMENT

Manmohan, J. - Present writ petition has been filed challenging the orders dated 01st April, 2021 passed under Section 264 of the Income Tax Act, 1961 [for short 'the Act'] and 29th January, 2018 under Section 179 of the Act by respondent No. 1 and respondent No.2 respectively. Petitioner seeks a direction to restrain the respondents from recovering the outstanding demand of Rs.5,89,68,019/- in the case of Real tech Group from the petitioner, pertaining to the Assessment Years 2006-07 to 2009-10.

RELEVANT FACTS

2. The relevant facts of the present case are that the petitioners along with two other promoters, namely, Sh. Pankaj Dayal and Sh. Yogesh Gupta formed and promoted the Realtech group of companies in 2005 comprising M/s Realtech Projects Pvt. Ltd., M/s Real Infrastructure Pvt. Ltd., M/s Vivid Builders Pvt. Ltd. and M/s Realtech Constructions Pvt. Ltd.

3. During the year 2010-11, allegedly disputes arose amongst the promoters and to settle the said inter se disputes a Memorandum of Understanding (MOU) was executed on 02nd June, 2011. In terms of the MOU, the petitioner allegedly resigned as Director from M/s Vivid Builders Pvt. Ltd., M/s Realtech Construction Pvt. Ltd. a