9911796707
TMI Blog2025 (1) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... t-Authority which has achieved finality in view of the provisions of Section 62 of the IBC The impugned notice issued u/s 148 of the Act is not tenable in the eyes of law and is accordingly, quashed and set aside. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE D.N.RAY Appearance : For the Petitioner(s) No. 1: Mr Manish R. Bhatt, Ld. Sr. Adv for Ms Shailee S Joshi (11582). For the Respondent(s) No. 1,2,3: Karan G Sanghani (7945). ORAL JUDGMENT (PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA) 1. Heard learned Senior Advocate Mr. Manish R. Bhatt with learned advocate Mr. Mayur Kishanchandani for learned advocate Ms. Shailee S. Joshi for the petitioner and learned Senior Standing Counsel Mr. Karan G. Sanghani for the respondent No. 1. 2. Rule, returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule for and on behalf of the respondent No. 1. 3. By this petition under Article 226 of the Constitution of India, the petitioner has prayed for the following reliefs : A. Issue a Writ, Order or Direction in the nature of mandamus or any other appropriate Writ, Order or Direction quashing and setting aside the Notice u/s. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... verride other laws as decided by the Hon'ble Supreme Court in Duncans Industries Ltd. v. A. J. Agrrochem. 8.3 The present application has been preferred by the Applicant to seeks permission from this Adjudicating Authority to carry out the assessment proceedings under Section 153A read with 281B of the Income Tax Act. Considering the necessity of the assessment of tax, the prayer of the Applicant is accepted to the extent of only doing assessment for the AY 2013-14 to 2019-20. 8.4 It is also made clear that the Income Tax Department cannot proceed/file case against the Corporate Debtor without prior permission from this Adjudicating Authority. 8.5 It is also made dear that problems should not be there during assessment work for the Resolution Professional in completing the CIRP in time. 8.6 On the other hand, the Resolution Professional is directed to extend his full cooperation to the Income Tax Department in their assessment of tax of the Corporate Debtor. 8.7 The Income Tax Department may file their claim, if any, as an Operational Creditor with the Resolution Professional of the Corporate Debtor in time. The Resolution Professional may examine the claim of the Income Tax De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ylinders Limited versus Deputy Commissioner of Income Tax, Circle 2 (1) (1) and others rendered on 16th July, 2024 in Special Civil Application No.7470 of 2023 to submit that in view of the approval of the Resolution Plan by the NCLT on 20th June, 2022, the respondent-Authority could not have issued the impugned notice under Section 148 of the Act for re-opening of the assessment for Assessment Year 2016-17. 5.2. It was further submitted that even the time period for challenging the order of NCLAT before the Hon ble Supreme Court has also expired on 21.07.2024 as per the provisions of Section 62 of the IBC. It was therefore submitted that the order passed by the NCLT as well as NCLAT has achieved finality. 5.3. It was therefore submitted that the impugned notice is liable to be quashed and set aside being without jurisdiction as per the settled legal position. 6.1. On the other hand, learned Senior Standing Counsel Mr. Karan Sanghani for the respondent No. 1 submitted that pursuant to the permission granted by the NCLT vide order dated 27.05.2021 to carry out the assessment proceedings for Assessment Years 2013-14 to 2019-20, there is an estimated additions totalling to Rs. 17,93,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny consequential demand / action should be considered non-existing or considered as deemed to be completed and as not payable by the Corporate Debtor or the Resolution Applicant. Any proceedings/special audit from the Tax department including proceedings filed before the Supreme Court, High Court or any other court, tribunal or authority or agency, if any which were kept in abeyance in view of the insolvency process or otherwise shall not be revived post the NCLT Approval Order. The payment to the Tax authorities hereunder (being the Statutory Dues Creditors) shall be in full and final settlement of all Tax dues and no further amounts whatsoever shall be payable to such Tax authorities. 10. The Hon ble Apex Court in case of Ghanashyam Mishra (Supra) has categorically held that once a Resolution Plan has duly approved by the adjudicating authority under Sub-section (1) of Section 31 of the IBC, the claims as provided in the Resolution Plan shall stand frozen and will be binding on the Corporate Debtor, its employees, members, creditors including the Central Government, any State Government or any local authority, guarantors and other stakeholders and on the date of approval of the R ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
