Income Tax Reopening Quashed as Section 31 of IBC Barred Fresh Tax Proceedings: Gujarat HC

Advertisement GSL Nova Petrochemicals Limited Vs DCIT (Gujarat High Court) The Gujarat High Court allowed a writ petition challenging a notice issued under Section 148 and an order passed under Section 148A(d) of the Income-tax Act, 1961 for Assessment Year 2018-19. The petitioner company had filed its income tax return for the relevant assessment year. Subsequently, a notice dated 30 March 2022 was issued proposing reassessment. However, prior to the issuance of the notice, the petitioner had undergone Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code,...