TaxTMI 
TaxTMI 
2026 (9) TMI 1178
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....behalf of the respondent. 2. By way of this writ-petition under Article 226 of the Constitution of India, the petitioner has challenged the Notice dated 29.06.2025 issued under the provision of Section 148 of the Income Tax Act, 1961 (for short 'the Act') as well as the order dated 29.06.2025 passed under sub-section (3) of Section 148A of the Act, seeking to reopen the income tax assessment of the petitioner for the Assessment Year (for short, 'A.Y.') 2021-22. 3. The reopening of the assessment is sought by issuance of the Notice dated 30.03.2025 under sub-section (1) of Section 148A of the Act calling upon the petitioner to show cause as to why Notice under Section 148 of the Act should not be issued. From the contents of the Notice....
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....on Professional was appointed. Ultimately, the NCLT vide order dated 19.12.2019 ordered liquidation of the petitioner. The liquidator thereafter issued an invitation for Expression of Interest to sell the petitioner as a 'going concern' together with all the connected licenses, permissions, trademarks, patents, registrations, formulations and property rights in accordance with the provision of the Code, 2016. The liquidator thereafter executed a sale agreement dated 03.03.2021 in favour of Arrhum Tradelink Private Limited (for short 'the ATPL'), thereby selling the petitioner to ATPL as a going concern. Thus, it was submitted that the petitioner has been taken over by ATPL on a "clean slate" with a clear understanding that all past liabilit....
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....pointed out that the petitioner never claimed a deduction of the interest in question (i.e. Rs. 13.52 crore payable to Andhra Bank, subsequently named as CFM ARC); that the liability of the bankers had ceased to exist and even a NOC / No Due Certificate is issued in favour of the petitioner; that the said bank had become NPA since financial year 2015-16 and the petitioner had not claimed interest in the profit and loss account since financial year 2015-16; and that the reopening is premised on conjectures and surmises, inasmuch as the Assessing Officer has himself expressed that the petitioner "might have claimed" deduction of interest on such loan, though the profit and loss accounts could have been verified by the Assessing Officer before....
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....on of liability of interest may attract Section 41(1) of the Act and the waiver of loan may attract Explanation 1(b) to Section 115JB(2) of the Act, to the tune of Rs. 1,352.80 lakhs. Thus, it is urged that the writ-petition may not be entertained. 6. We have heard the learned advocates for the respective parties at length and have perused the material on record. 7. The established facts from the pleadings and the documents on record are that the petitioner company has undergone a CIRP, which was initiated vide order dated 19.12.2017 passed by the NCLT, Ahmedabad Bench. Since the resolution plan was not approved, the NCLT vide order dated 19.12.2019 ordered liquidation of the petitioner. These liquidation proceedings, initiated by the....
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....23 (with Special Civil Application Nos. 9025 of 2024 and 9080 of 2024), whereby the reopening of the assessment of the petitioner for the earlier Assessment Years, premised on the very same alleged cessation of interest liability of Rs. 1,352.80 lakhs and on the identical set of facts, came to be quashed and set aside. This Court, in the said judgment, after referring to the decision of the Coordinate Bench in the case of KRBL Limited (supra), which in turn placed reliance on the settled legal position enunciated by the Hon'ble Supreme Court in the case of Ghanshyam Mishra & Sons (Private) Limited vs. Edelweiss Asset Reconstruction Company Limited, (2021) 126 taxmann.com 132, held that the purchaser of a corporate debtor as a going concern ....