TaxTMI 
TaxTMI 
2025 (1) TMI 705
X X X X Extracts X X X X
X X X X Extracts X X X X
....iate Writ, Order or Direction quashing and setting aside the Notice u/s. 148 of the Income Tax Act, 1961 dated. 31.03.2023 and subsequent Notice u/s. 142 (1) dated 10.10.2023 and 19.01.2024 issued by the Respondent; and (Annex. P-1, P-2, P-3) B. Pending admission, final hearing and final outcome of this Petition, this Hon'ble Court may be pleased to stay the effect, operation and re-assessment proceedings emanating from the Notice u/s. 148 dated. 30.03.2023 and subsequent Notices u/s. 142 (1) dated., 10.10.2023 & 19.01.2024 issued by the Respondent to the Petitioner under the Income Tax Act, 1961; and (Annexure P-1, P-2, P-3) C. Pass any other order this Hon'ble Court may deem fit and necessary, in the interest of justice and good faith." 4. The brief facts of the case are as under : 4.1. A search and seizure operation was carried out under Section 132 of the Income Tax Act, 1961 (for short 'the Act') on 10.04.2018 in case of the petitioner. After the search operation, an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'the IBC') was filed by the Bank of India before the National Company Law Tribunal, Ahmedabad (for short 'the NCLT')....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l of the Corporate Debtor in time. The Resolution Professional may examine the claim of the Income Tax Department in accordance with the provisions of the Code." 4.4. It appears that thereafter, the respondent-Authority addressed a letter dated 06.06.2020 to the Resolution Professional of the petitioner appraising that the demand is not yet cristalised. Thereafter, a letter dated 28.03.2022 was addressed to the Registry of the NCLT intimating that it is likelihood of raising huge demand from the petitioner. 4.5. The NCLT by order dated 20th June, 2022 approved the Resolution Plan on the basis of the approval granted by the Committee of Creditors (CoC) and on the basis of the Information Memorandum which provided the claims of the creditors of the petitioner. 4.6. Thereafter, the respondent-Authority passed an Assessment Order dated 29th June, 2022 for Assessment Years 2013-14 to 2019-20 raising the demand in case of the petitioner. In view of the order passed by the NCLT, the respondent-Authority also preferred an Appeal before the National Company Law Appellate Tribunal (for short 'the NCLAT') with a prayer for inclusion of the claims of the respondent-Authority. 4.7. During t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....essment proceedings for Assessment Years 2013-14 to 2019-20, there is an estimated additions totalling to Rs. 17,93,51,52,026/- in accordance with the proposal of the Special Audit and huge demand was likely to be raised and the said fact was already intimated to the NCLT at the relevant point of time by the respondent-Department. It was also pointed out that there was an outstanding demand of Rs. 3,83,27,242/- for Assessment Year 2009-10 in the case of the petitioner and ignoring such demand, the NCLT has approved the Resolution Plan vide order dated 20th June, 2022. 6.2. It was submitted that though the Appeal preferred by the Department has been dismissed by the NCLAT vide order dated 21.05.2024, the same is not accepted and the Department is contemplating to prefer Special Leave Petition before the Hon'ble Apex Court. It was therefore submitted that the decision of the Ghanashyam Mishra (Supra) would not be applicable in the facts of the case as the respondent-Department is vigilant enough to carry the matter to the Apex Court. 7. Considering the above submissions and in view of the facts emerging from the record, it is undisputed fact that the NCLT has approved the Resolutio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....overnment, any State Government or any local authority, guarantors and other stakeholders and on the date of approval of the Resolution Plan by adjudicating authority, all such claims which are not part of the Resolution Plan shall stand extinguished as no person is entitled to initiate or continue any proceeding in respect to a claim which is not part of the Resolution Plan. 11. The above observations of the Hon'ble Apex Court are contained in paragraph No. 102 of the Judgment in case of Ghanashyam Mishra (Supra) which reads as under : "102. NCLT found, that by email dated 6.1.2018, EARC had submitted its claim in Form 'C' for an amount of Rs. 648,89,62,395/-. In response to the said email, RP sought a clarification, as to whether the corporate guarantee had been invoked by the applicant. RP had not received any response till 21.2.2018 from EARC. Despite repeated requests made by RP, EARC did not respond to the query made by RP. From the record placed before NCLT, it was clear, that EARC had not invoked the corporate guarantee. NCLT therefore posed a question to itself, as to whether an uninvoked corporate guarantee could be considered as matured claim of the applicant. NCLT fo....