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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
BHARGAV D.KARIA, PRANAV TRIVEDI
AMW Auto Component Limited – Appellant
Versus
Assistant Commissioner Of Income Tax Acit Circle Gandhidham – Respondent
JUDGMENT :
PRANAV TRIVEDI, J.
1. Heard learned advocate Mr.B.S.Soparkar for the petitioner and learned Senior Standing Counsel Mr. Karan G. Sanghani for the respondent.
2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan G. Sanghani waives service of the notice of rule on behalf of the respondent.
3. With the consent of the learned advocates for the respective parties, the matter is taken up for hearing, as the issue involved is very short.
4. The petition has been filed under Article 226 of the Constitution of India with the following prayers :-
“(a) Quash and set aside the impugned notice u/s 148 of the Act dated 31.03.2015 at Annexure A to this petition;
(b) Pending the admission, hearing and final disposal of this petition, to stay further proceedings pursuant to the impugned notice;
(c) Any other and further relief deemed just and proper by granted in the interest of justice;
(d) To provide for the cost of petition.”
5. The brief facts of the case are as follows:
5.1 The petitioner is a company registered under the Companies Act, 1956, inter alia engaged in the business of manufacturing of components for the general engineering and automotive industries. The Petitione
Upon approval of a resolution plan under IBC, all claims not expressly included therein, including tax liabilities, are extinguished and cannot be pursued.
Tax liabilities are extinguished upon approval of a resolution plan under the Insolvency and Bankruptcy Code, preventing subsequent revision notices under the Income Tax Act.
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.
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.
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....
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.
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