2025 (8) TMI 844

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....the re-assessment proceedings initiated by the Respondent No. 1 vide notice dated 29th March 2024 issued under Section 148A(b) of the Income Tax Act, 1961 (the Act), Order dated 15th April 2024 issued under Section 148A(d) of the Act and Notice dated 15th April 2024 issued under Section 148 of the Act for the A.Y. 2020-21. 3. It is contended by the Petitioner that re-assessment proceedings for AY 2020-21 initiated against the Petitioner is liable to be quashed and set aside, in view the Resolution Plan approved by the learned National Company Law Board (NCLT) vide order dated 26th April 2024. 4. It is further contended by the Petitioner that, prior to initiation of the impugned reassessment proceedings, the NCLT, Mumbai Bench, vide it....

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....tries Ltd. Vs. Assistant Commissioner of Income-tax [2024] 161 taxmann.com 285 (Bombay), Uttam Galva Metallics Ltd. vs. Assistant Commissioner of Income-tax [2024] 166 taxmann.com 492 (Bombay) and Order dated 21st July 2025 passed by this Court in Writ Petition No. 2698 of 2025 (Ornate Spaces Private Limited Vs. Dy Commissioner of Income Tax and Ors). 10. We have heard the learned counsel for the parties. 11. The short issue to be decided is that whether the Income Tax Authorities can proceed against the Petitioner for alleged escapement of tax for the period prior to the approval of the Resolution Plan by learned NCLT, and which does not form part of the Resolution Plan approved by the NCLT. 12. We find that the tax allegedly esca....

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....July 2025 passed by this Court in Writ Petition No. 2698 of 2025 (Ornate Spaces Private Limited Vs. Dy Commissioner of Income Tax and Ors.), following the ratio of the judgment of the Hon'ble Apex Court in the case of Ghanshyam Mishra (supra), quashed the reassessment proceedings for prior assessment years in view of the approval of Resolution Plan by the NCLT. 17. In a recent decision, the Hon'ble Supreme Court in the case of Vaibhav Goel & Anr. Vs. Deputy Commissioner of Income Tax & Anr. [(2025) 255 Company Cases 266 (SC)] reiterated that the demand made subsequent to approval of Resolution Plan by an Adjudicating Authority, is invalid and once a Resolution Plan is approved by the NCLT, no belated claim can be included therein that wa....