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TMI Blog2024 (10) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... R. JUSTICE BHARGAV D. KARIA AND HONOURABLE MRS. JUSTICE MAUNA M. BHATT Appearance: For the Petitioner(S) No. 1 : Ms Shrunjal T Shah (10617). For the Respondent(S) No. 2 : Mrs Kalpana K Raval (1046). For the Respondent(S) No. 1: Served By Rpad (N). ORAL JUDGMENT (PER : HONOURABLE MRS. JUSTICE MAUNA M. BHATT) 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 br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 wherein, the CoC decided for constitution of IRP as Resolution Professional. 4.7. In the Third CoC meeting held on 28.01.2020, the Resolution Professional presented the list of Expression of Interest (for short the EoI ) received from the prospective Resolution Applicants and four resolution plans were submitted in pursuance to such EoI. A Resolution Plan essentially contains a scheme for revival of the Corporate Debtor i.e, the petitioner by paying of all dues of the creditors who have lodged their claims before Resolution Professional. It also contains relevant details such as infusion of funds by Resolution Applicant for revival of the petitioner etc. 4.8. After detailed discussions on the received plans, in the fifth CoC, the CoC asked RP to inform all the resolution applicants to revise their Resolution Plans. In the Eighth CoC, the Resolution Professional informed that two of the Resolution Applicants had decided to withdraw their prospective Resolutions Plans. Therefore, a 2nd Eol was published and three Resolution Plans were received in the Ninth CoC. 4.9. In the Tenth CoC meeting held on 06.11.2020, Resolution Professional stated that one Resolution Applicant being Gan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugned notice under Section 148A (b) of the Act dated 13.03.2022 was issued by the respondent No. 2 and reassessment proceedings for Assessment Year 2018-19 were initiated suggesting that income chargeable to tax has escaped assessment within the meaning of Section 147 of the Income Tax Act, 1961. 4.17. It is the case of the petitioner that the initiation of such proceedings under the Act and issuance of such notice dated 13.03.2022 is wholly without jurisdiction. 4.18. Subsequently, the impugned order under passed under Section 148A (d) dated 23.03.2022 of the Act was passed by respondent NO. 2 holding that there was no compliance by the petitioner and that the petitioner has made cash deposits and cash withdrawals and has other receipts on which TDS has been deducted during Financial Year 2018-19 and hence found it to be a fit case to issue a notice under Section 148 of the Act. Therefore, on 31.03.2022, the respondent No. 1 issued a notice under Section 148 of the Act. 4.19. It is the case of the petitioner that initiation of proceedings for Assessment Year 2018-19 is without jurisdiction and illegal in law and for the purpose of reassessment, respondent No. 1 issued notices unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led legal position and in view of resolution plan being approved by order dated 16.03.2021, all past dues of the Income Tax Department got extinguished and therefore, the impugned notice 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 deserve to be quashed and set aside. 5.2. In support of her submissions, she relied upon decision of Hon ble Supreme Court in the case of Ghanashyam Mishra Sons Private Limited versus Edelweiss Asset Reconstruction Company Limited Ors reported in (2021) 9 SCC 657. 6. On the other hand, opposing the petition, learned Senior Standing counsel Mr. Karan Sanghani submitted that the notice issued under Section 263 of the Act was issued by the respondent for revising the demand for the Assessement Year 2018-19. It was submitted that in view of clear statutory provision, the powers of the respondent cannot be curtailed when procedure in accordance with law has been followed. He further submitted that the decision relied upon by the petitioner in case of Ghanashyam Mishra (Supra) is with regard to ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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