The writ petition challenges an assessment order dated April 28, 2021, passed under Section 144 read with Section 144B of the Income Tax Act, 1961, for the assessment year 2018-19. The petitioner, M/S NS Papers Limited, underwent insolvency proceedings, and a resolution plan was approved on February 24, 2021. The Income Tax Department had also put forward its claim before the resolution professional. The petitioner argues that the assessment order, passed after the resolution plan's approval, burdens the resolution applicant with unforeseen liability, contrary to Section 31 of the Insolvency and Bankruptcy Code, 2016.
M/S NS Papers Limited underwent insolvency proceedings. A resolution plan was approved on February 24, 2021. The Income Tax Department had put forward its claim before the resolution professional. Subsequent to the resolution plan being approved, an assessment order dated April 28, 2021, was passed under Section 144 read with Section 144B of the Income Tax Act, 1961, for the assessment year 2018-19. The petitioner informed the Income Tax Authorities about the approval of the resolution plan via a letter dated March 8, 2021. The department had also filed a claim before the Resolution Professional. The assessment order was related to a period prior to the approval of the resolution plan. The department argued that no proper information was given by the petitioner
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The writ petition challenges an assessment order dated April 28, 2021, passed under Section 144 read with Section 144B of the Income Tax Act, 1961, for the assessment year 2018-19. The petitioner, M/S NS Papers Limited, underwent insolvency proceedings, and a resolution plan was approved on February 24, 2021. The Income Tax Department had also put forward its claim before the resolution professional. The petitioner argues that the assessment order, passed after the resolution plan's approval, burdens the resolution applicant with unforeseen liability, contrary to Section 31 of the Insolvency and Bankruptcy Code, 2016.
M/S NS Papers Limited underwent insolvency proceedings. A resolution plan was approved on February 24, 2021. The Income Tax Department had put forward its claim before the resolution professional. Subsequent to the resolution plan being approved, an assessment order dated April 28, 2021, was passed under Section 144 read with Section 144B of the Income Tax Act, 1961, for the assessment year 2018-19. The petitioner informed the Income Tax Authorities about the approval of the resolution plan via a letter dated March 8, 2021. The department had also filed a claim before the Resolution Professional. The assessment order was related to a period prior to the approval of the resolution plan. The department argued that no proper information was given by the petitioner
…The assessment…
The resolution plan for…