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2021 (7) TMI 1342 - HC - Income TaxValidity of assessment/reassessment against company filled petition under Insolvency Bankruptcy Code, 2016 - refund processed by the respondents in favour of the petitioner shall be adjusted against the outstanding demand existed from Assessment Year 2007-2008 till 2015-2016 - whether respondent Income Tax Authorities were legally justified in raising the aforesaid demand and issuing notices and orders cum intimations and whether the respondent Income Tax Authorities were legally justified in initiating reassessment proceeding and continuing with the assessment proceeding for the Assessment Year 2012-13 and 2016-17 respectively and completing the assessments for the period prior to the transfer date and whether such an Act of the respondent is in breach of violation of the order passed by the National Company Appellate Tribunal approving the Resolution Plan - initiation of penalty proceedings under Section 271 (1) (C) for the periods prior to the Transfer Date - HELD THAT:- As for proper adjudication of the issues involved in this Writ Petition, elaborate hearing upon affidavits is required. Petitioners have prima facie been able to make out a case for the interim order. Let there be an interim order restraining the respondent Income Tax Authorities from taking any step or further steps or acting in any manner contrary or inconsistent with the approved Resolution Plan dated 14th November, 2018 which was confirmed by the order passed by the Hon’ble Supreme Court dated 26th July, 2019 and the respondents are also restrained from taking any further steps or to give further effect to the orders dated 24th December, 2019, 31st December, 2019 and the Notices dated 3rd January, 2020, 20th January, 2020 and 23rd January, 2020 till 30th September, 2021 or until further orders whichever is earlier.
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