2026 (6) TMI 1281

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.... Jr. Standing Counsel ORDER The predecessor in interest of the petitioner was called Winwind Power Energy Private Limited. Corporate Insolvency Resolution Proceedings (CIRP) commenced in respect of said entity on 28.09.2018. The interim resolution professional filed the return of income for assessment year 2018 - 2019 on 26.10.2018 offering nil income to tax. The case was selected for scrutiny and assessment order dated 23.04.2021 was issued under Section 144 read with Section 144B of the Income Tax Act, 1961 (the I-T Act). In such order, the total income was determined in a sum of Rs. 26,68,31,481/-. 2. Resorting to Section 270A of the I-T Act, show cause notice dated 07.03.2022 was issued for imposing penalty for under-reporting ....

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....dgment of the Supreme Court in Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs, (2022) SCC OnLine SC 1101 regarding the interplay between the IBC and the Customs Act with particular reference to sub-section (5) of Section 33 of the IBC. 5. In response to these contentions, Mr. A.P.Srinivas invited my attention to the impugned penalty order. He points out that the petitioner failed to participate in proceedings culminating in the assessment order. Therefore, he contends that the imposition of penalty under Section 270A was the logical extension thereof. 6. The liquidation order in respect of Winwind Power Energy Private Limited was issued on 08.08.2019. After selecting the petitioner's return ....