P&H HC Quashes Income Tax Demand Not Included in Approved IBC Resolution Plan

H L Buildwell Private Limited Vs DCIT (Punjab and Haryana High Court) The Punjab and Haryana High Court allowed seven writ petitions involving similar facts concerning enforceability of income tax demands after approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). The lead case involved H L Buildwell Pvt. Ltd., where a search and seizure operation under Section 132 of the Income Tax Act was conducted on 26.02.2020. Pursuant to the search, an assessment order dated 12.04.2022 was passed for AY 2014-15 adding Rs.3.63 crore to the assessee’s income and raising a de...