The case involves a petition filed by AMW Auto Component Limited against the Principal Commissioner of Income Tax, Rajkot 1, challenging the legality of an impugned notice dated 13.01.2025 issued under Section 263 of the Income Tax Act, 1961. The notice sought to revise the assessment order dated 06.03.2023 for the Assessment Year 2015-16. The petitioner had undergone Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), and a resolution plan was approved by the NCLT on 12.10.2023. The resolution plan provided for the waiver and extinguishment of all unassessed/assessed tax liabilities for the period prior to the NCLT approval date.
AMW Auto Component Limited (the Petitioner) is a registered company engaged in manufacturing components for general engineering and automotive industries. The Petitioner filed its return of income on 30.11.2015 for the Assessment Year 2015-16, declaring a loss of Rs. 36,52,09,196/-. The case was reopened by a notice dated 31.03.2022 under Section 148 of the Income Tax Act, 1961. The assessment was completed under Section 147 read with Sections 144 and 144B of the Act on 06.03.2023, determining the total income of Rs. 42,46,54,081/-. The Petitioner was subjected to insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC Code), with a Corporate Insolvency Resolution Process (CIRP) initiated by Indian Overseas Bank under Section 7 of the IBC Code,
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The Petitioner filed the return of income for…
The case was reopened by the issuance of a…
The case involves a petition filed by AMW Auto Component Limited against the Principal Commissioner of Income Tax, Rajkot 1, challenging the legality of an impugned notice dated 13.01.2025 issued under Section 263 of the Income Tax Act, 1961. The notice sought to revise the assessment order dated 06.03.2023 for the Assessment Year 2015-16. The petitioner had undergone Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), and a resolution plan was approved by the NCLT on 12.10.2023. The resolution plan provided for the waiver and extinguishment of all unassessed/assessed tax liabilities for the period prior to the NCLT approval date.
AMW Auto Component Limited (the Petitioner) is a registered company engaged in manufacturing components for general engineering and automotive industries. The Petitioner filed its return of income on 30.11.2015 for the Assessment Year 2015-16, declaring a loss of Rs. 36,52,09,196/-. The case was reopened by a notice dated 31.03.2022 under Section 148 of the Income Tax Act, 1961. The assessment was completed under Section 147 read with Sections 144 and 144B of the Act on 06.03.2023, determining the total income of Rs. 42,46,54,081/-. The Petitioner was subjected to insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC Code), with a Corporate Insolvency Resolution Process (CIRP) initiated by Indian Overseas Bank under Section 7 of the IBC Code,
…The Petitioner filed the return of income for…
The case was reopened by the issuance of a…