Reassessment Notice Quashed Due to Extinguishment of Tax Liabilities Under Approved Resolution Plan

AMW Auto Component Limited Vs ACIT (Gujarat High Court) In this case before the Gujarat High Court, the petitioner challenged the validity of a notice issued under Section 148 of the Income-tax Act, 1961 dated 31.03.2025 seeking to reopen assessment proceedings. The petitioner company had undergone Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, initiated by a financial creditor and admitted by the adjudicating authority on 01.09.2020. During the CIRP, an Interim Resolution Professional invited claims from creditors, and a resolution plan for revi...