Reopening past-tax assessment of resolved company u/s148 after resolution plan approval barred; notice quashed, appeal dismissed.

Reopening under s.148 of the Income-tax Act against the post-resolution corporate debtor for a pre-closing period was held impermissible because issuance of such notice after approval of the resolution plan violated the IBC framework and the binding terms of the plan, which extinguished past liabilities of the previous management. The courts further held that s.148 cannot be invoked merely to collect evidence concerning third parties/ex-promoters, for which s.133(6) provides the appropriate mechanism, and that s.148 cannot be used when the proceedings are not for tax recovery. SC declined interference under Art.136 and dismissed the SLP, thereby sustaining quashing of the s.148 notice.

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Delay was condoned. Exercising jurisdiction under Article 136 of the Constitution of India, the Court held, "We are not inclined to interfere with the impugned order," indicating no basis for discretionary intervention at the special leave stage. Accordingly, "The Special Leave Petition is, accordingly, dismissed," and any accompanying interlocutory application(s) stood disposed of.

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