https://www.taxtmi.com/caselaws?id=763536 The Calcutta HC quashed reassessment proceedings under sections 148A(b), 148A(d), and 148 of the Income Tax Act initiated against a company undergoing Corporate Insolvency Resolution Process. The court held that such proceedings violated statutory preconditions as section 14 of the IBC imposes a moratorium prohibiting proceedings against companies in CIRP. The approved resolution plan by NCLT has overriding authority under section 238 of IBC, expressly precluding reassessment for periods prior to the effective date. The court declared the reassessment proceedings without jurisdiction, arbitrary, and unsustainable in law, allowing the writ petition and quashing all impugned notices and consequential proceedings. en-us Thu, 19 Dec 2024 00:00:00 +0530 Sat, 21 Dec 2024 08:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763536 The Calcutta HC quashed reassessment proceedings under sections 148A(b), 148A(d), and 148 of the Income Tax Act initiated against a company undergoing Corporate Insolvency Resolution Process. The court held that such proceedings violated statutory preconditions as section 14 of the IBC imposes a moratorium prohibiting proceedings against companies in CIRP. The approved resolution plan by NCLT has overriding authority under section 238 of IBC, expressly precluding reassessment for periods prior to the effective date. The court declared the reassessment proceedings without jurisdiction, arbitrary, and unsustainable in law, allowing the writ petition and quashing all impugned notices and consequential proceedings. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763536