Whether reassessment action under Section 148 of the Income Tax Act, 1961 can be initiated notwithstanding the Resolution Plan having been approved by the NCLT – Asian Colour Coated Ispat Ltd. Vs. Assistant Commissioner of Income Tax and Anr. – Delhi High Court
Hon’ble Delhi High Court (Division Bench) referring judgments in M Tech Developers (2024) ibclaw.in 289 HC, Sree Metaliks (2023) ibclaw.in 59 HC and Rishi Ganga Power Corporation (2023) ibclaw.in 1176 HC has quashed the impugned notice under Section 148 of the Income Tax Act, 1961 for A.Y. 2014-15.
Hon’ble High Court also clarified applicability of State Tax Officer v. Rainbow Papers Ltd. (2022) ibclaw.in 107 SC and Greater Noida Industrial Development Authority v. Prabhjit Singh Soni and Anr. (2024) ibclaw.in 53 SC on the facts of the case.