S. 148: Reassessment-Issuance of notice of reassessment- Resolution personal-Provisions of this Code to override other laws-For period prior to approval of resolution plan under the Insolvency & Bankruptcy Code, 2016 (‘IBC’)-Once the public announcement is made under the IBC by the Resolution Professional calling upon all concerned, including the statutory bodies, to raise claim, it would be expected from all the stakeholders to diligently raise their claim- Not maintainable against the Corporate Debtor- Notice issue was quashed. (S. 147, The Insolvency and Bankruptcy Code, 2016, S. 7, 30(2), 238, Art. 226)

Where notice under Section 148 of the Income Tax Act, 1961 (Act) to a Corporate Debtor, calling upon it to submit a return in the prescribed form for the assessment year falling prior to the date of approval of Resolution Plan under the IBC on the ground that the Ld. Assessing Officer had a reason to believe that the income chargeable to tax of the Corporate Debtor has escaped assessment within the meaning of Section 147 of the Act, it was held that once the public announcement is made under the IBC by the Resolution Professional calling upon all concerned, including the statutory bodies, to raise claim, it would be expected from all the stakeholders to diligently raise their claim. The Income Tax authorities in that sense, ought to have been diligent to verify the previous years’ assessment of the Corporate Debtor as permissible under the law and to raise the claim in the prescribed form within time before the Resolution Professional. In the present case, the Income Tax Authorities failed to do so and therefore, the claim stood extinguished. The Impugned Notices issued under section 148 of the Act are quashed and set aside. Petitions are allowed. Followed Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited and others reported in 2021(9) SCC 657. (WP No. 2948 of 2021 dt. 23-12-2021)

Murli Industries Limited v. ACIT (Nag.-Bench) (Bom.)(HC)

[CORAM : JUSTICE SHRI SUNIL B. SHUKRE AND JUSTICE SHRI ANIL L. PANSARE].1