Reassessment action u/s. 148 post approval of resolution plan unsustainable: Delhi HC

Asian Colour Coated Ispat Limited Vs ACIT (Delhi High Court) Delhi High Court held that reassessment action under section 148 of the Income Tax Act post approval of the resolution plan unsustainable as validity of resolution plan not questioned at any stage. Facts- The petitioner was incorporated as a limited company on 02 February 2005 under the Companies Act, 1956 and was stated to be engaged in the business of manufacturing, processing, importing and exporting steel products, tubes, pipes and other allied articles. On 04 April 2016, State Bank of India, asserting itself to be a financial cr...