Swastik Ceracon Ltd. Vs DCIT (Gujarat High Court)
The petition challenged an Assessment Order dated 12.03.2026 passed under Sections 147, 250, and 144B of the Income Tax Act, 1961, along with a Demand Notice of the same date relating to Assessment Year 2011-12.
The petitioner company had filed its return of income for AY 2011-12. An assessment order dated 17.12.2018 had earlier been passed under Section 147, raising a tax demand of ₹2,01,86,860, which was challenged before the Commissioner of Income Tax (Appeals). Meanwhile, the company was admitted into Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) pursuant to an order of the National Company Law Tribunal (NCLT) dated 15.01.2019. An Interim Resolution Professional was appointed and a public announcement was issued inviting claims from all creditors, including statutory authorities such as the Income Tax Department.
Subsequently, the Resolution Professional was formally appointed by the NCLT. A resolution plan submitted by the successful resolution applicant was approved by the NCLT on 20.06.2022 under Section 31 of the IBC. The approved resolution plan provided for the extinguishment and waiver of all liabilities, claims, and dues relating to periods prior to the appointed date. The plan approval attained finality and was fully implemented.
