Anuradha Real Estate Developers Pvt Ltd Vs Office of the Income Tax Officer & Ors. (Bombay High Court)
The petitioner challenged reassessment proceedings initiated by the Income Tax Department for Assessment Year 2019–20 through a notice and order both dated 26 June 2025, issued under Sections 148A(1) and 148A(3) of the Income Tax Act. The petitioner argued that the proceedings were without jurisdiction because a Resolution Plan regarding the company had already been approved by the National Company Law Tribunal (NCLT) on 2 September 2024. This approval followed the company’s admission into the Corporate Insolvency Resolution Process (CIRP) by an order dated 11 August 2021, passed under Section 7 of the Insolvency and Bankruptcy Code upon a petition filed by homebuyers of a residential project. The admission order imposed a moratorium under Section 14 of the Code, which continued until the approval of the Resolution Plan.
The petitioner submitted that, since the CIRP had concluded and the Resolution Plan of the Resolution Applicant had been approved under Section 31 of the Code, all past claims stood extinguished. The petitioner relied on Supreme Court decisions, including Ghanshyam Mishra & Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. and Vaibhav Goel v. DCIT, as well as several Bombay High Court judgments that had quashed reassessment proceedings relating to periods prior to approval of a resolution plan.
