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TMI Blog2024 (10) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... ev Patel for learned Senior Standing Counsel Mr. Varun K. Patel for the respondent. 2. Rule, returnable forthwith. Learned advocate Mr. Dev Patel waives service of notice of rule for and on behalf of the respondent. 3. This petition under Article 226 of the Constitution of India is filed challenging the Assessment Order under Section 147 read with Section 144B of the Income Tax Act, 1961 (for short 'the Act') dated 29.03.2022 and also the demand notice of even dated under section 156 of the Act, for the Assessment Year 2013-14. 4. The brief facts are as under: 4.1. The petitioner in this case is a Company incorporated under the provisions of the Companies Act, 1956. The Corporate Insolvency Resolution Process (for short 'the CIRP') unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any notice could have been issued by the respondent nor any demand could have been raised by the respondent for the year under consideration and in view of the same, the respondent was requested to drop the reassessment proceedings. 4.5. However, the respondent vide order dated 20.03.2022 disposed of the objections raised against reopening and inter alia held that reopening is justified. 4.6. Subsequently, the respondent issued a show-cause notice dated 25.03.2022 calling upon the petitioner to show cause as to why variation proposed in the draft assessment order should not be made and the assessment should not be completed accordingly. 4.7. The petitioner, vide letter dated 27.03.2022 again submitted that the CIRP has been initiated in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Dev Patel submitted that the re-assessment notice was issued based on the information received by the assessing officer from the investigation wing that assessee had received accommodation entry of Rs. 1,35,54,576/- as unsecured loan from various parties. On account of not full and true disclosure by the assessee, the income chargeable to tax had escape assessment and therefore, notice under section 148 was rightly issued for the Assessment Year 2013-14. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had not been invoked by EARC till the date of completion of CIRP process and once the moratorium was imposed, it could not invoke the corporate guarantee. NCLT therefore found, that there is no illegality or irregularity in not admitting the claim of EARC." 8. Thus, in view of above clear provisions of law no person would be entitle to initiate or continue any proceedings in respect of any claim for any dues relating to the period prior to approval of resolution plan. In view of approval of resolution plan, all liabilities of all stakeholders including that of Government/ Statutory Authority shall stand extinguished after approval of the resolution plan. We therefore, deem it appropriate to quash and set aside the Assessment Order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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