2025 (8) TMI 770

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.... order and notice both dated 30th June 2025 passed by Respondent No.1 under Section 148A(3) and Section 148 of the Income Tax Act, 1961 respectively for the Assessment Year 2019-20 which is the year under consideration, 3. Short point on which the above order and the notice are impugned is that conducting such proceedings against the Petitioner would be an academic exercise since no demand can be raised upon the Petitioner for Assessment Year 2019-20. This is for the simple reason that prior to initiation of the impugned proceedings, a Resolution Plan came to be approved by the NCLT, Ahmedabad Bench vide its Order dated 23rd December 2022. The Resolution Plan submitted by one ' Hazel Mercantile Ltd' for 'Reliance Naval and Engineering Lt....

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....BC cannot be interpreted in a manner which is inconsistent with any other law for the time being in force and cannot be pressed into service to dilute the rights of Income Tax Department. 5. In this backdrop, the issue to be decided is that whether the Income Tax Department could have proceeded against the Petitioner after approval of the Resolution Plan by the NCLT for a period prior to approval of such plan. This issue is no longer res integra and is covered by several decisions of this Court including Alok Industries Ltd., v/s. Assistant Commissioner of Income-tax [2024] 161 taxmann.com 285 (Bombay) and Uttam Galva Metallics Ltd., v/s. Assistant Commissioner of Income-tax [2024] 166 taxmann.com 492 (Bombay). In fact recently, even the....