https://www.taxtmi.com/caselaws?id=752004 The Bombay HC held that Section 148 notices issued to a company post-resolution plan approval for assessment periods prior to closure were invalid. Following precedent in Alok Industries Limited, the court ruled that Section 148 applies only when income chargeable to tax has escaped assessment, not for collecting evidence against third parties or ex-promoters. The court clarified that separate provisions under Section 133(6) exist for evidence collection, and Section 148 cannot be used when proceedings are not for tax recovery. While dismissing the notices, the court noted that revenue authorities may pursue other lawful remedies against ex-promoters. en-us Wed, 17 Apr 2024 00:00:00 +0530 Tue, 10 Jun 2025 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752004 The Bombay HC held that Section 148 notices issued to a company post-resolution plan approval for assessment periods prior to closure were invalid. Following precedent in Alok Industries Limited, the court ruled that Section 148 applies only when income chargeable to tax has escaped assessment, not for collecting evidence against third parties or ex-promoters. The court clarified that separate provisions under Section 133(6) exist for evidence collection, and Section 148 cannot be used when proceedings are not for tax recovery. While dismissing the notices, the court noted that revenue authorities may pursue other lawful remedies against ex-promoters. Case-Laws Income Tax Wed, 17 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752004