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The HC rejected the petitioner's writ petition challenging reopening of tax assessment despite undergoing Corporate Insolvency Resolution Process and NCLT-approved resolution plan. The petitioner engaged in fraudulent transactions involving eight contracts with identical purchase-sale quantities, significant price variations, momentary time gaps between trades, and repeated trading in thinly-traded deep in/out-of-money options, resulting in alleged tax evasion exceeding Rs. 3 crores for AY 2024-15. While recovery proceedings post-resolution plan approval are impermissible, reassessment remains legally permissible. The Court emphasized that CIRP cannot shield deliberate tax evasion or illegalities, and authorities may scrutinize transactions and pursue proceedings against responsible directors. The petition was dismissed, reserving petitioner's rights under Income Tax Act provisions.
The HC rejected the petitioner's writ petition challenging reopening of tax assessment despite undergoing Corporate Insolvency Resolution Process and NCLT-approved resolution plan. The petitioner engaged in fraudulent transactions involving eight contracts with identical purchase-sale quantities, significant price variations, momentary time gaps between trades, and repeated trading in thinly-traded deep in/out-of-money options, resulting in alleged tax evasion exceeding Rs. 3 crores for AY 2024-15. While recovery proceedings post-resolution plan approval are impermissible, reassessment remains legally permissible. The Court emphasized that CIRP cannot shield deliberate tax evasion or illegalities, and authorities may scrutinize transactions and pursue proceedings against responsible directors. The petition was dismissed, reserving petitioner's rights under Income Tax Act provisions.
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