2024 (11) TMI 1637

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....tition, inter alia, impugning an order dated 31.08.2024 (hereafter the impugned order) issued under Section 148A(d) of the Income Tax Act, 1961 (hereafter the Act) and notice dated 31.08.2024 issued under Section 148 of the Act seeking to reopen the petitioner's assessment for assessment year (AY) 2018-19. 4. It is the case of the petitioner that the petitioner company had undergone Corporate Insolvency Resolution Process (CIRP). On 06.01.2020, a resolution plan was submitted by the consortium of Trident Infra Homes Private Limited and Romano Infrastructure Private Limited. The same was accepted by the Committee of Creditors (CoC) on 08.01.2020. The said plan was approved by the National Company Law Tribunal (NCLT) on 06.08.2021. Thus, a....

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....eedings (CIRP) during the period covered under the impugned notice i.e. FY 2017-18 (Assessment year 2018-19). By virtue of an approved resolution plan the company is being run by a Resolution Applicant who was approved by the Committee of Creditors on 08.01.2020 and by Ld NCLT, Delhi vide its order dated 06.08.2021(attached as per annexure II). The assessee company is now being managed and controlled by the new a management who are allowed by the law to continue and run the operations of the company on clean slate basis. As per provisions of Insolvency and Bankruptcy Code (IBC) the new management cannot be fastened with any previous liability. 2.1 Your kind attention is further drawn on the Judgment given in case of the assessee fo....