Revision u/s. 263 post approval of resolution plan not tenable: Gujarat HC

Amw Auto Component Limited Vs PCIT Rajkot (Gujarat High Court) Gujarat High Court held that initiation of revisionary proceeding under section 263 of the Income Tax Act post complete extinguishment of all tax liabilities of Corporate Debtor upon approval of resolution plan is not tenable in law. Thus, notice u/s. 263 quashed. Facts- The Petitioner is a registered company, inter alia, engaged in the business of manufacturing components for general engineering and automotive industries. The case of the assessee was selected for scrutiny and the assessment was completed u/s. 143(3) r.w.s.144B of ...