TaxTMI 
TaxTMI 
TaxTMI 
2024 (8) TMI 185
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..... Rule, returnable forthwith. Learned advocate Mr. Rudram Trivedi waives service of notice of rule for and on behalf of the respondents. 2. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the order under Section 148A(d) of the Income Tax Act, 1961 (for short 'the Act') dated 20th March, 2023 for Assessment Year 2019-20. 3. The brief facts of the case are as under : 3.1. It is the case of the petitioner that the petitioner was carrying on business of manufacturing seamless steel cylinder and a Corporate Insolvency proceeding was initiated before the National Company Law Tribunal (for short 'the NCLT') who by order dated 25th May, 2018 under the provisions of Insolvency and Bankruptcy Code, 20....
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....interest income of Rs. 93,440/-. 3.5. The petitioner however could not file the response due to the change in place of Office and mail ID etc. and therefore, the respondent No.1 passed the impugned order under Section 148A(d) of the Act on 20th March, 2023 holding that income to the tune of Rs. 1,01,25,402/- had escaped assessment for the year under consideration. 3.6. The notice under Section 148 was issued as a consequence of the aforesaid order. 4.1. Learned advocate Mr. S.N. Divatia for the petitioner has submitted that the impugned order passed under Section 148A(d) of the Act as well as the notice under Section 148 of the Act are without jurisdiction as the respondent No.1 situated at Vadodra could not have assumed the jurisdiction....
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.... Authority. As such, all statutory dues outstanding as on date and that on the date of approval of the Resolution Plan shall stand extinguished. No amount is proposed under the Resolution Plan towards the Statutory Dues." 4.4. Learned advocate Mr. S.N. Divatia referred to and relied upon the decision of this Court in similar facts in case of Surya Exim Ltd. Versus Union of India reported in (2024) 161 taxmann.com 749 (Gujarat) in support of his submissions, more particularly, paragraph No.8.5 of this decision which reads as under : "8.5. Referring to the decision of Ultratech Nathdwara Cement Ltd. (supra) it was submitted that the facts of the said case are identical to the facts of the present case as in the said case also, the dema....
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....itted by the applicant was approved, the respondent-Assessing Officer would not have any jurisdiction to re-open the assessment with regard to the Assessment Year 2019-20. This Court has observed as under : "11. The Hon'ble Apex Court in case of Ghanashyam Mishra & Sons (P.) Ltd. (supra) has held that once a resolution plan is duly approved by the adjudicating authority under subsection (1) of section 31 of IBC, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors [including the Central Government, any State Government or any local authority, guarantors and other stake holders. On the date of approval of the resolution plan by the adjudicatin....