Delhi High Court - Orders
Ireo Fiveriver Pvt Ltd vs Income Tax Department & Anr on 29 August, 2022
Author: Manmohan
Bench: Manmohan, Manmeet Pritam Singh Arora
$~46
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 12461/2022
IREO FIVERIVER PVT LTD ..... Petitioner
Through: Ms.Maneesha Dhir, Advocate.
versus
INCOME TAX DEPARTMENT & ANR. ..... Respondents
Through: Mr.Ajit Sharma, Sr.Standing Counsel
for the Revenue.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA
ORDER
% 29.08.2022 C.M.No.37470/2022 Exemption allowed, subject to all just exceptions. Accordingly, the application stands disposed of. W.P.(C) No.12461/2022 & C.M.No.37469/2022 Present Writ Petition has been filed challenging the Order passed under Section 148A(d) of the Income Tax Act, 1961 ('the Act') dated 30th July, 2022 for the Assessment Year 2017-18.
Learned counsel for the Petitioner states that the issuance of impugned notice after the approval of Resolution Plan for the pre-existing liability of Petitioner is illegal.
She states that the Respondent No.1 had failed to take cognizance of the information shared by the erstwhile Resolution Professional regarding Signature Not Verified Digitally Signed By:JASWANT SINGH RAWAT Signing Date:30.08.2022 18:02:45 the initiation of Corporate Insolvency Resolution Process (CIRP) as it did not file any claim during the CIRP of Petitioner. She further states that by way of the impugned notice, reassessment proceeding has been initiated for assessment year 2017-18 which is prior to admission of proceedings under IBC. She emphasises that the approved resolution plan extinguishes all such alleged claims against the Company.
She submits that the impugned notice is contrary to the decision of the Supreme Court of India in the case of Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited and others reported in 2021 (9) SCC 657 and will defeat legislative intent behind the enactment of IBC.
Issue notice. Mr.Ajit Sharma, learned senior standing counsel accepts notice on behalf of the Respondents-Revenue. He prays for and is permitted to file a counter affidavit within four weeks. Rejoinder affidavit, if any, be filed before the next date of hearing.
List on 27th February, 2023.
Though the Assessing Officer is permitted to pass the assessment order, yet it is directed that the same shall not be given effect to and shall be subject to further orders to be passed by this Court.
MANMOHAN, J MANMEET PRITAM SINGH ARORA, J AUGUST 29, 2022 KA Signature Not Verified Digitally Signed By:JASWANT SINGH RAWAT Signing Date:30.08.2022 18:02:45