The case involves an appeal against an order dismissing a writ petition related to an income tax assessment. The appellant/assessee, SREI Equipment Finance Limited, is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The appellant challenged a show cause notice issued under Section 263 of the Income Tax Act, 1961, arguing that the proceedings should be stayed due to the CIRP and the moratorium under Section 14 of the IBC. The assessing officer proceeded with the assessment despite the CIRP and without providing a proper personal hearing. The writ court dismissed the petition, leading to the current appeal.
SREI Equipment Finance Limited is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant received a show cause notice dated March 23, 2022, under Section 263 of the Income Tax Act, 1961, proposing to give effect to an order passed by the PCIT, Kolkata-II. The appellant replied on March 26, 2022, contending that the proceedings should be stayed due to the CIRP and the moratorium under Section 14 of the IBC. The assessing officer proceeded to pass an assessment order dated March 30, 2022, without providing a proper personal hearing, allegedly conducting a 'so called hearing' through chat messages. The appellant filed a writ petition challenging the show cause notice, and later a supplementary
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Assessee received show…
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The case involves an appeal against an order dismissing a writ petition related to an income tax assessment. The appellant/assessee, SREI Equipment Finance Limited, is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The appellant challenged a show cause notice issued under Section 263 of the Income Tax Act, 1961, arguing that the proceedings should be stayed due to the CIRP and the moratorium under Section 14 of the IBC. The assessing officer proceeded with the assessment despite the CIRP and without providing a proper personal hearing. The writ court dismissed the petition, leading to the current appeal.
SREI Equipment Finance Limited is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant received a show cause notice dated March 23, 2022, under Section 263 of the Income Tax Act, 1961, proposing to give effect to an order passed by the PCIT, Kolkata-II. The appellant replied on March 26, 2022, contending that the proceedings should be stayed due to the CIRP and the moratorium under Section 14 of the IBC. The assessing officer proceeded to pass an assessment order dated March 30, 2022, without providing a proper personal hearing, allegedly conducting a 'so called hearing' through chat messages. The appellant filed a writ petition challenging the show cause notice, and later a supplementary
…Assessee received show…
Assessee replied to the…