https://www.taxtmi.com/caselaws?id=752111 The Bombay HC held that assessment notices issued under sections 143(2) and 142(1) of the Income Tax Act against a company undergoing CIRP were invalid. The court ruled that once the NCLT approved the Resolution Plan, which expressly barred initiation of proceedings relating to periods prior to the effective date (10th November 2022), the tax authorities could not proceed with assessments for pre-effective date periods. The respondents had failed to submit claims to the IRP despite public announcements and were bound by the approved Resolution Plan. All assessment proceedings were set aside as they violated IBC provisions. en-us Tue, 23 Apr 2024 00:00:00 +0530 Fri, 03 May 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752111 The Bombay HC held that assessment notices issued under sections 143(2) and 142(1) of the Income Tax Act against a company undergoing CIRP were invalid. The court ruled that once the NCLT approved the Resolution Plan, which expressly barred initiation of proceedings relating to periods prior to the effective date (10th November 2022), the tax authorities could not proceed with assessments for pre-effective date periods. The respondents had failed to submit claims to the IRP despite public announcements and were bound by the approved Resolution Plan. All assessment proceedings were set aside as they violated IBC provisions. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752111