Back
BHARGAV D. KARIA, MAUNA M. BHATT
Perfect Boring Private Limited – Appellant
Versus
Assessment Unit, Income Tax Department – Respondent
JUDGMENT :
Mauna M. Bhatt, J.
1. Heard learned advocate Ms.Shrunjal T. Shah for the petitioner and learned Senior Standing Counsel Mr.Karan G. Sanghani for learned advocate Mrs.Kalpana K. Raval for the respondents.
2. Rule, returnable forthwith. Learned Senior Standing Counsel Mr.Karan Sanghani waives service of notice of rule for and on behalf of the respondents.
3. This petition under Article 226 of the Constitution of India is filed challenging the Assessment Order dated 12.03.2023 passed under Section 147 read with Sections 144 and 144B of the Income Tax Act, 1961 (for short ‘the Act’) and order passed under Section 148A(d) of the Act dated 23.03.2022 as well as the impugned notices dated 13.03.2022 passed under Section 148A(b) of the Act, notice dated 31.03.2022 issued under Section 148 of the Act and notice dated 12.03.2023 issued under Section 156 of the Act for Assessment Year 2018-19.
4. The brief facts are as under :
4.1. The petitioner is a company incorporated in India and are entitled to the fundamental rights guaranteed under Articles 14 and 19(1)(g) of the Constitution of India and the respondent is a State within the meaning of Article 12 of the Constitution of India and
Once a resolution plan is approved under the Insolvency and Bankruptcy Code, no claims can be pursued for dues prior to that approval, rendering subsequent assessment orders and notices invalid.
Approval of a resolution plan under the IBC extinguishes all past dues, preventing any assessment or demand for liabilities incurred prior to that approval.
Alternate remedy would not operate as a bar for invoking jurisdiction under Article 226 of the Constitution of India in at least three contingencies, namely, where writ petition has been filed for en....
All claims of the Income Tax Department are extinguished upon approval of a resolution plan under the Insolvency and Bankruptcy Code, preventing reassessment notices for periods prior to insolvency.
Approval of a resolution plan under the Insolvency and Bankruptcy Code extinguishes all past dues, including those owed to statutory authorities, preventing further claims.
Point of Law - NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be d....
The approval of a resolution plan by the NCLT extinguishes all claims not included in the plan, preventing re-opening of assessments by tax authorities.
The approval of a Resolution Plan under the Insolvency and Bankruptcy Code extinguishes all tax liabilities, preventing the issuance of notices under Section 263 of the Income Tax Act.
Once a resolution plan is approved under the IBC, the claims provided in the plan are binding and any claims not included in the plan are extinguished.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
