The Bombay High Court has allowed challenging two notices issued by the National Faceless Assessment Centre under the Income Tax Act, 1961, for Assessment Year 2024-25 and upheld the extinguishment of Pre-Resolution Claims. It was observed that an approved resolution plan is binding on all stakeholders, including government authorities, and any claim not part of the plan stands extinguished.
V Hotels Limited filed a writ petition. The petitions concerned notices dated 24th June 2025 under Section 143(2) and 26th September 2025 under Section 142(1) ofthe Income Tax Act. V Hotels contended that these notices were untenable as the company had undergone a Corporate Insolvency Resolution Process (CIRP) under the Insolvency…