Income Tax: High Court Quashes Rs. 232 Crore Ex Parte Assessment; Grants Fresh Opportunity to Respond
Nayati Healthcare and Research NCR Private Limited challenged an ex parte assessment order dated 24.03.2025 passed under Sections 143(3) read with 144B of the Income Tax Act, 1961, whereby income was determined at Rs. 232,17,82,426 on a best judgment basis.
The company had been admitted into insolvency by order of the National Company Law Tribunal, which appointed an Interim Resolution Professional (IRP) under Section 16 of the IBC. On 05.08.2024, the National Company Law Appellate Tribunal stayed the CIRP timeline, effectively stalling proceedings though the IRP continued formally. The company exited insolvency on 07.01.2026.
It was…