Pendency of Insolvency Proceedings: Delhi HC quashes Reassessment Notice u/s 148 of Income Tax Act

The Delhi High Court quashed a reassessment notice issued under Section 148 of the Income Tax Act during the pendency of insolvency proceedings. The court ruled that the notice was invalid, emphasizing that tax reassessment actions must consider the status of ongoing insolvency proceedings to avoid conflicts and ensure the fair treatment of insolvent entities. This decision underscores the interplay between insolvency law and tax assessments.