TaxTMI 
TaxTMI 
2023 (12) TMI 654
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....etitions are extracted below: "W.P.(C) 10528/2022 a) Issue a writ of Certiorari or any other appropriate Writ/Order(s)/Direction(s) to call for all the relevant records of Respondent No. 2 and to quash/set aside Assessment Order dt. 12.12.2019 u/s 144 I.T. Act, along with consequential Demand Notice dt. 12.12.2019 u/s 156 I.T. Act imposing a tax liability of Rs. 9,71,79,357/- upon the Assessee for the Assessment Year 2017-2018, as being illegal, void and de-hors the binding provisions of the resolution plan, duly approved by the Hon'ble Adjudicating Authority vide order dt. 05.11.2019 u/s 31(1) of the IBC, 2016. b) Issue a writ of Certiorari or any other appropriate Writ/Order(s)/Direction(s) to call for all the relevant records of Respondent No. 2 and to quash / set aside Order dt. 16.03.2022 under Section 270A I.T. Act levying an unwarranted penalty of Rs. 2,38,96,866/- upon the Assessee, along with corresponding Demand Notice dt. 15.03.2022 under Section 156 I.T. Act, as being illegal, void and de-hors the binding provisions of the resolution plan duly approved by the Hon'ble Adjudicating Authority vide order dt. 05.11.2019 u/s 31(1) of the IBC, 2016. c) Issue a writ ....
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....ings against the Petitioner, for any liability(s) pertaining to the period prior to its successful resolution under the Insolvency and Bankruptcy Code, 2016; and/or c) pass any other suitable writ, order or directions in favour of the Petitioner as this Hon'ble Court may deem fit and proper." 3. Succinctly stated, the facts relevant for present purposes are as follows. 3.1 The petitioner of WP(C) 10528/2022 (TUF Metallurgical Pvt. Ltd.) took over management of a company namely Albus India Ltd., the erstwhile corporate debtor in terms with Resolution Plan dated 20.05.2019, which plan submitted by the petitioner was accorded statutory approval under Section 31(1) of the Insolvency and Bankruptcy Code (hereinafter referred to as "the Code") by the National Company Law Tribunal (hereinafter referred to as "the Tribunal") vide order dated 05.11.2019 and consequently Albus India Ltd. became TUF India Ltd., which merged into the petitioner/assessee vide Confirmation Order dated 02.06.2022 operable with effect from 01.04.2021 of the competent authority of the Government of India. Pertaining to the commencement of the Corporate Insolvency Resolution Process (CIRP), a public advert....
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....la Transport Pvt. Ltd. (the successful resolution applicant, SRA). On 10.12.2020, the Resolution Professional of petitioner filed an application under Section 31(1) of the Code before the Tribunal as regards the resolution plan approved by the Committee of Creditors. Thereafter on 31.03.2021, the respondent/ revenue issued notice under Section 148 of the Act, thereby proposing to assess/reassess the income/loss of petitioner for the Assessment Year 2014-15 and directing the petitioner to submit a return in the prescribed form. Further, on 23.11.2021, 22.12.2021, 09.02.2022 and 17.02.2022 the respondent/revenue issued notices under Section 142 of the Act to the petitioner, seeking certain information and explanation for the purposes of assessment/reassessment. On 21.02.2022, the Tribunal passed order under Section 31(1) of the Code, thereby approving the final resolution plan submitted for petitioner by the SRA. On 05.03.2022, the petitioner/assessee submitted a communication, calling upon the respondent/revenue to withdraw the aforesaid notices and to terminate the proposed assessment proceedings for Assessment Year 2014-15. But on 15.03.2022, the respondent/revenue issued show cau....
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....e income tax claims of the revenue shall stand not affected by the provisions of the Code. However, despite opportunities, the respondents/revenue did not file counter-affidavit in either of these cases in order to rebut the averments of facts pleaded in these writ petitions. 5. Thence, the short question before us is as to whether the respondent/ revenue can justifiably claim and recover from the petitioners any amount of money towards income tax that accrued prior to approval of Resolution Plan under Section 31 of the Code. 6. In the case of Ghanshyam Mishra (supra), relied upon by the petitioner/assessee, it was held by the Supreme Court as under: "94. We have no hesitation to say that the words "other stakeholders" would squarely cover the Central Government, any State Government or any local authorities. The legislature noticing that on account of obvious omission certain tax authorities were not abiding by the mandate of the I&B Code and continuing with the proceedings, has brought out the 2019 Amendment so as to cure the said mischief. We therefore hold that the 2019 Amendment is declaratory and clarificatory in nature and therefore retrospective in operation. ...........