The National Sewing Thread Company Limited filed a writ petition seeking the quashing of an Assessment Order dated May 22, 2024, issued by the Deputy Commissioner of Income Tax under Section 143(3) of the Income Tax Act, 1961, for the Assessment Year 2022-23 and Financial Year 2021-22. The petition also challenged a Demand Notice under Section 156 and notices dated May 23, 2024, under Section 274 of the Income Tax Act, 1961, issued by the respondent. The petitioner argued that these notices were issued after the approval of a Resolution Plan by the NCLT, Chennai, dated December 6, 2021, for the company's revival and restructuring, which should provide a 'Clean Slate Basis'.
The National Sewing Thread Company Limited (the petitioner) sought to quash an Assessment Order and related notices issued by the Deputy Commissioner of Income Tax (the respondent). The Assessment Order was dated May 22, 2024, and issued under Section 143(3) of the Income Tax Act, 1961, for the Assessment Year 2022-23 and Financial Year 2021-22. The related notices, including a Demand Notice under Section 156 and notices under Section 274 of the Income Tax Act, 1961, were dated May 23, 2024. The petitioner argued that these actions were taken after the NCLT, Chennai, approved a Resolution Plan for the company on December 6, 2021, which should have provided a 'Clean Slate Basis', extinguishing prior liabilities. The NCLT had initiated the Corporate Insolvency Resolution
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The NCLT allowed the application seeking…
The Resolution Plan for the revival and…
The National Sewing Thread Company Limited filed a writ petition seeking the quashing of an Assessment Order dated May 22, 2024, issued by the Deputy Commissioner of Income Tax under Section 143(3) of the Income Tax Act, 1961, for the Assessment Year 2022-23 and Financial Year 2021-22. The petition also challenged a Demand Notice under Section 156 and notices dated May 23, 2024, under Section 274 of the Income Tax Act, 1961, issued by the respondent. The petitioner argued that these notices were issued after the approval of a Resolution Plan by the NCLT, Chennai, dated December 6, 2021, for the company's revival and restructuring, which should provide a 'Clean Slate Basis'.
The National Sewing Thread Company Limited (the petitioner) sought to quash an Assessment Order and related notices issued by the Deputy Commissioner of Income Tax (the respondent). The Assessment Order was dated May 22, 2024, and issued under Section 143(3) of the Income Tax Act, 1961, for the Assessment Year 2022-23 and Financial Year 2021-22. The related notices, including a Demand Notice under Section 156 and notices under Section 274 of the Income Tax Act, 1961, were dated May 23, 2024. The petitioner argued that these actions were taken after the NCLT, Chennai, approved a Resolution Plan for the company on December 6, 2021, which should have provided a 'Clean Slate Basis', extinguishing prior liabilities. The NCLT had initiated the Corporate Insolvency Resolution
…The NCLT allowed the application seeking…
The Resolution Plan for the revival and…