The case involves an application (IA No. 1001/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited. The CIRP commenced on 26.12.2018, and a liquidation order was passed on 22.10.2019. During the liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, which culminated in an assessment order dated 10.03.2021. Subsequently, proceedings under Section 270A and 270AAC were initiated, leading to penalty orders dated 07.12.2021 and 14.01.2022. The liquidator filed the application seeking to restrain the Income Tax Department from enforcing these orders.
The Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited commenced on December 26, 2018. Subsequently, a liquidation order was issued on October 22, 2019, under Section 33 of the Insolvency and Bankruptcy Code (IBC). During the liquidation process, the Income Tax Authorities issued notices to the corporate debtor under Section 142(1) of the Income Tax Act on July 27, 2020, December 11, 2020, and January 13, 2021. These notices resulted in an assessment order dated March 10, 2021, assessing the corporate debtor's total income at Rs. 3,44,86,678. Further proceedings under Sections 270A and 270AAC of the Income Tax Act were initiated, leading to show cause notices dated March 10, 2021, June 10, 2021, and December 27, 2021,
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Corporate Insolvency Resolution Process…
Liquidation order was…
The case involves an application (IA No. 1001/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited. The CIRP commenced on 26.12.2018, and a liquidation order was passed on 22.10.2019. During the liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, which culminated in an assessment order dated 10.03.2021. Subsequently, proceedings under Section 270A and 270AAC were initiated, leading to penalty orders dated 07.12.2021 and 14.01.2022. The liquidator filed the application seeking to restrain the Income Tax Department from enforcing these orders.
The Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited commenced on December 26, 2018. Subsequently, a liquidation order was issued on October 22, 2019, under Section 33 of the Insolvency and Bankruptcy Code (IBC). During the liquidation process, the Income Tax Authorities issued notices to the corporate debtor under Section 142(1) of the Income Tax Act on July 27, 2020, December 11, 2020, and January 13, 2021. These notices resulted in an assessment order dated March 10, 2021, assessing the corporate debtor's total income at Rs. 3,44,86,678. Further proceedings under Sections 270A and 270AAC of the Income Tax Act were initiated, leading to show cause notices dated March 10, 2021, June 10, 2021, and December 27, 2021,
…Corporate Insolvency Resolution Process…
Liquidation order was…