The writ petition challenges a notice dated 31 March 2021, issued under Section 148 of the Income Tax Act, 1961, pertaining to Assessment Year 2014-15. Additionally, it challenges an order dated 17 February 2022, which disposed of objections submitted by the petitioner. Prior to this petition, the petitioner had filed W.P.(C) 2053/2022, also challenging the Section 148 notice, which was disposed of with a direction for the respondents to consider the petitioner's objections before commencing reassessment. The primary argument against the reassessment is the approval of a Resolution Plan under the Insolvency and Bankruptcy Code, 2016, and the statutory injunction that operates concerning claims predating the plan's approval.
Asian Colour Coated Ispat Limited, the petitioner, was incorporated on 02 February 2005. The company is engaged in manufacturing, processing, importing, and exporting steel products. On 04 April 2016, State Bank of India filed an application under Section 7 of the IBC, which was admitted by the NCLT on 20 July 2018, leading to the appointment of an Interim Resolution Professional and a moratorium under Section 14 of the IBC. The Additional Commissioner of Income Tax was informed of these developments on 26 July 2018. A Committee of Creditors was constituted on 20 August 2018. JSW Steel Coated Products Limited submitted a Resolution Plan on 08 March 2019, which was revised and approved by the CoC on 28 June 2019 and by the NCLT on 26 October 2020. The approval was
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Asian Colour Coated…
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The writ petition challenges a notice dated 31 March 2021, issued under Section 148 of the Income Tax Act, 1961, pertaining to Assessment Year 2014-15. Additionally, it challenges an order dated 17 February 2022, which disposed of objections submitted by the petitioner. Prior to this petition, the petitioner had filed W.P.(C) 2053/2022, also challenging the Section 148 notice, which was disposed of with a direction for the respondents to consider the petitioner's objections before commencing reassessment. The primary argument against the reassessment is the approval of a Resolution Plan under the Insolvency and Bankruptcy Code, 2016, and the statutory injunction that operates concerning claims predating the plan's approval.
Asian Colour Coated Ispat Limited, the petitioner, was incorporated on 02 February 2005. The company is engaged in manufacturing, processing, importing, and exporting steel products. On 04 April 2016, State Bank of India filed an application under Section 7 of the IBC, which was admitted by the NCLT on 20 July 2018, leading to the appointment of an Interim Resolution Professional and a moratorium under Section 14 of the IBC. The Additional Commissioner of Income Tax was informed of these developments on 26 July 2018. A Committee of Creditors was constituted on 20 August 2018. JSW Steel Coated Products Limited submitted a Resolution Plan on 08 March 2019, which was revised and approved by the CoC on 28 June 2019 and by the NCLT on 26 October 2020. The approval was
…Asian Colour Coated…
State Bank of India…