Assessee-company filed return of income on 11-12-2017.  In meantime a financial creditor of assessee filed a petition under Insolvency and Bankruptcy Code, 2016 with National Company Law Tribunal (NCLT).  NCLT admitted petition and issued directions for appointment of Interim Resolution Professional (RP) and a public announcement dated 31-1-2018 was issued in newspapers. RP filed by a party was approved by NCLT on 18-11-2018.  Assessing Officer issued on assessee various notices under sections143(2) and 142(1) between 9-8-2018 and 3-12-2019 and passed assessment order under section 143(3) dated 6-12-2019 and treated amount of share application money pending allotment as unexplained cash credit and added same to assessee’s income by invoking provisions of section 68 and issued demand notice. On writ the Court held that  since revenue in terms of provisions of section 31 of Insolvency and Bankruptcy Code, 2016 and regulation 7 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Resolutions, 2016 had not lodged its claim with RP despite publication of public announcement inviting claims from creditors, revenue could not enforce assessment order and demand notice. Followed Ghanshyam Mishra & Sons  (P) Ltd v. Edelweiss Asset Reconstruction Co Ltd  ( 2021) 9 SCC 65    (AY. 2017-18)