Liability of Directors after Company Dissolution: ITAT Upholds Notice u/s 148

Chandan Realtors Pvt. Ltd Vs ITO (ITAT Mumbai) The case of Chandan Realtors Pvt. Ltd vs ITO, adjudicated by the ITAT Mumbai, delves into the contentious issue of director liability post-company dissolution. This article analyzes the court’s ruling, providing insight into the legal framework and implications for stakeholders. The crux of the matter revolves around the validity of notice u/s 148 of the Income Tax Act issued to Chandan Realtors Pvt. Ltd, a company dissolved under Section 248(5) of the Companies Act. The Assessing Officer reopened the assessment citing undisclosed income, tr...