Dismissing the petition the Court held that the provisions of the Insolvency and Bankruptcy Code, 2016, cannot be interpreted in a manner which is inconsistent with any other law for the time being in force. A corporate insolvency resolution plan sanctioned and approved cannot impinge on the rights of the Income-tax Department to pass any fresh assessment order under section\u00a0148\u00a0read with sections\u00a0143(3)\u00a0and\u00a0147\u00a0of the\u00a0Income-tax Act, 1961. Therefore, the proceedings under the Code cannot be pressed into service to dilute the rights of the Income-tax Department under the Income-tax Act, 1961 to reopen the assessment under section\u00a0148\u00a0of the Act. The Income-tax Department is not precluded from reopening the assessment completed under section\u00a0143(3)\u00a0of the Act. The notices of reassessment were valid. (AY. 2011-12 to 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148 : Reassessment-Notice-Proceedings under Insolvency And Bankruptcy Code, 2016-Not a bar for issue of notice of Reassessment. [S. 147, Insolvency and Bankruptcy Code, 2016, S. 10, 30(6), 31, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30072","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7P2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30072"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30072\/revisions"}],"predecessor-version":[{"id":32875,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30072\/revisions\/32875"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}