Adivision bench of the Delhi High Court consists of Justice Manmohan and Justice Manmeet Pritam Singh has stayed an income tax assessment order and consequential demand and notice of penalty, which were assailed on grounds of being in contravention of the order of the National Company Law Tribunal (NCLT).
The petitioners, M/s Indo Enviro Integrated Solutions Limited challenged the proceedings of the income tax department and the consequential notices of demand and penalty raising a demand of income tax amounting to Rs. 48 crores are in complete contravention of the order passed by the NCLT vide which pursuant to the approval of the resolution process, all claims and liabilities of creditors (including the Central Government, local tax or regulatory authorities) whether existing at or relating to a period prior to 15thOctober, 2018 stood extinguished.
Granting an interim relief to the petitioners, the Court observed that “Till further orders, the order dated 14th May, 2022 as well as consequential notices of demand and penalty dated 14th May, 2022 issued bythe respondent No. 1 are stayed”
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to TaxscanAdFree. Follow us on Telegram for quick updates.
