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HC quashed reassessment proceedings initiated against a dissolved company, finding them without jurisdiction and contrary to law. The proceedings violated statutory preconditions under Income Tax Act, 1961 as authorities failed to conduct preliminary inquiry under Section 148A(a) and acted mechanically on external reports. Additionally, the proceedings contravened IBC provisions, specifically Section 14's moratorium during CIRP and Section 238's overriding effect of NCLT-approved resolution plan which precluded reassessment for pre-effective date period. Court invalidated notices under Sections 148A(b), 148A(d), and 148, along with consequential proceedings, declaring them arbitrary and unsustainable in law.
HC quashed reassessment proceedings initiated against a dissolved company, finding them without jurisdiction and contrary to law. The proceedings violated statutory preconditions under Income Tax Act, 1961 as authorities failed to conduct preliminary inquiry under Section 148A(a) and acted mechanically on external reports. Additionally, the proceedings contravened IBC provisions, specifically Section 14's moratorium during CIRP and Section 238's overriding effect of NCLT-approved resolution plan which precluded reassessment for pre-effective date period. Court invalidated notices under Sections 148A(b), 148A(d), and 148, along with consequential proceedings, declaring them arbitrary and unsustainable in law.
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