Notice issued u/s. 148 quashed as resolution plan under IBC already approved

Diamond Power Infrastructure Ltd. Vs ACIT (Gujarat High Court) Gujarat High Court held that notice issued under section 148 of the Income Tax Act after approval of resolution plan by the adjudicating authority under Sub-section (1) of Section 31 of the IBC is liable to be quashed and set aside. Facts- A search and seizure operation was carried out u/s. 132 of the Income Tax Act, 1961 on 10.04.2018 in case of the petitioner. After the search operation, an Application u/s. 7 of the Insolvency and Bankruptcy Code, 2016 was filed by the Bank of India. NCLT passed an order on 24.08.2018 admitting t...