2026 (2) TMI 1061

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....ead with section 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961'), whereby an ex-parte order has been passed on 24.03.2025, and a best judgment assessment made. 2. Mr. Giriraj Subramanium, learned counsel for the petitioner submitted that on account of certain financial strains/distress, the petitioner/company went into insolvency and by the order dated 05.07.2024 an Interim Resolution Professional (hereinafter referred to as 'IRP') was appointed by the National Company Law Tribunal (hereinafter referred to as 'NCLT') in terms of Section 16 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code of 2016') and the petitioner-company was admitted into insolvency. 3. It is further ....

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.... 24.03.2025 is clearly contrary to the principles of natural justice and conceded that may be, the breach is not attributable to the AO but the facts are clear that the management of the petitioner-company could not take up the matter before the AO, when it was so required. 7. Mr. Shlok Chandra, learned Senior Standing Counsel for the respondent argued that the petitioner should take his remedies against the assessment order before the Appellate Authority and this Court should refrain from interfering in the matter. 8. Having heard learned counsel for the parties and after considering the material available on record, we are of the view that the IRP and the present management of the petitioner-company were bona fidely deprived of plac....