Following the Court’s decision in Alok Industries v. Asst. CIT,(2024) 471 ITR 536 (Bom)(HC),  notices issued against a company after approval of a resolution plan for periods prior to closure are invalid. However, the Revenue may pursue steps in accordance with law against erstwhile promoters where appropriate. Where the assessee and Revenue concurred that matters were covered by Alok Industries, the High Court quashed the notices but granted liberty to the Department to take action against ex‑promoters; the Supreme Court dismissed the Revenue’s SLP.