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TMI Blog2024 (11) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... l Mr. Karan G. Sanghani for the respondent No. 1 2. Rule, returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule for and on behalf of the respondent No. 1. 3. This petition under Article 226 of the Constitution of India is filed challenging the notices dated 05.04.2021 and 29.07.2022 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') and order dated 29.07.2022 passed under Section 148A (d) of the Act for Assessment Year 2015-16. 4. The brief facts are as under : 4.1. The petitioner is a company incorporated under the Companies Act, 1956 and filed its original return of income for Assessment Year 2015-16 on 31.10.2015 declaring total loss of Rs. 52,76,30,767/-. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the CIRP, the Resolution Plan of one M/s. Zaveri & Co. Private Limited for the revival of the Petitioner was approved by the Hon'ble Tribunal on 14.10.2021 under Section 30 (6) of the Code. The said Resolution Plan provided for payment of total amount of Rs. 10,00,000/- to the Operational Creditors on a pro-rata basis against their admitted claims of Rs. 59,44,51,751/-. The Deputy Commissioner of Income Tax has thus been paid Rs. 21,332/- on pro-rata basis in accordance with the Resolution Plan. 4.5. The Petitioner has been issued the impugned notice under section 148 of the Act dated 05.04.2021 in the name of Jyoti Power Corporation Private Limited asking the Petitioner to file a return of income of AY 2015-16. The Petitioner had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as the impugned order passed under Section 148A (d) of the Act dated 29.07.2022 for Assessment Year 2015-16 deserves to be quashed and set aside. 5.2. In support of his submissions, he relied upon decision of Hon'ble Supreme Court in the case of Ghanashyam Mishra & Sons Private Limited versus Edelweiss Asset Reconstruction Company Limited & Ors reported in (2021) 9 SCC 657. 6. On the other hand, opposing the petition, learned Senior Standing counsel Mr. Karan Sanghani submitted that the notices notices dated 05.04.2021 and 29.07.2022 issued under Section 148 of the Act were issued by the respondent to reassess the income for Assessment Year 2015-16. It was submitted that in view of clear statutory provision, the powers of the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore posed a question to itself, as to whether an uninvoked corporate guarantee could be considered as matured claim of the applicant. NCLT found, that once the moratorium was applied under Section 14 of I&B Code, EARC was prevented from invoking the corporate guarantee. NCLT further found, that the OMML's guarantee had not been invoked by EARC till the date of completion of CIRP process and once the moratorium was imposed, it could not invoke the corporate guarantee. NCLT therefore found, that there is no illegality or irregularity in not admitting the claim of EARC." 8. Thus, in view of above clear provisions of law no person would be entitle to initiate or continue any proceedings in respect of any claim for any dues relating to the per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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