Supreme Court Divided Over Tax Assessment Timelines

In a split verdict dated 8 August 2025, the top Court considered whether the Dispute Resolution Panel (DRP) timelines are excluded from tax assessment deadlines. In the majority opinion of a bench of Justices B.V. Nagarathna and Satish Chandra Sharma, stated that the DRP’s 9-month period and AO’s 1-month period under Section 144C are additional to Section 153(3) under the Income Tax Act, 1961. The Supreme Court delivered the divided decision on tax assessment deadlines for foreign companies.

The matter in Assistant Commissioner Of Income Tax vs Shelf Drilling Ron Tappmeyer Limited arose from a high court ruling making proceedings time-barred under Section 153(3), as the limitation period expired before the Draft Assessment Order (DAO) was passed.Justice Nagarathna’s view prioritised the mandatory adherence to statutory deadlines as intended by the statute, whereas Justice Sharma’s opinion allowed for the extension of timeline in complex assessments involving foreign companies and tax disputes.

The verdict found the non-obstante clauses in Section 144C timelines operate independently and override that of Section 153(3). Also, the DRP’s 9-month period and AO’s 1-month period under Section 144C are additional to Section 153(3). The judgement referred to Commissioner of Income Tax v. Hindustan Bulk Carriers and reiterated that construction of a statute should not reduce it to futility. The ratio in Franklin Templeton Trustee Services Private Limited & Anr. v. Amruta Garg & Ors. was cited to show that interpretation of laws should not set a standard which is palpably unjust, unfair, unreasonable or does not make any sense

Justice Sharma opined that should proceedings under Section 92C be invoked, the time period in view of Section 153(4) of the Income Tax Act would be extended by a period of 12 months. Section 144C of the Income Tax Act mandates adherence to fixed timelines. A final assessment order needs to be passed within one month of the Draft Assessment Order under sub-section (4), or within 11 months if objections are filed before the Dispute Resolution Panel.

Considering the divergence in opinion expressed and split verdict, the Bench directed the Registry to place the matters before the Hon’ble Chief Justice of India for constituting an appropriate Bench to consider the issues afresh.

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Hiring Now: Associate – Insolvency & Bankruptcy | Navneet & Company (Chandigarh)

The Associate – Insolvency & Bankruptcy Recruitment 2025 notification is out at Navneet & Company, a leading insolvency and corporate restructuring firm based in Chandigarh. Founded and led by Mr. Navneet Gupta, an Insolvency Professional, Chartered Accountant, and Cost & Management Accountant with 30+ years of experience, the firm specializes in complex assignments under the Insolvency & Bankruptcy Code, 2016 (IBC).

This opening offers a unique opportunity for law graduates, CAs, CSs, and CMAs who wish to build a strong career in insolvency practice, CIRP, and liquidation processes.


About Navneet & Company

Navneet & Company has established itself as one of the most trusted firms in the field of Insolvency & Bankruptcy Code (IBC). With expertise in managing corporate insolvency, restructuring, and liquidation cases before the National Company Law Tribunal (NCLT), the firm provides a strong learning platform for professionals seeking growth in insolvency practice.


Associate – Insolvency & Bankruptcy Recruitment 2025: Vacancy Details

  • Organization: Navneet & Company
  • Location: Chandigarh (On-site, Full-time)
  • Post: Associate – Insolvency & Bankruptcy Practice
  • Vacancy: 01
  • Joining: Immediate joining preferred
  • Duration: Minimum 2 years (extendable based on performance)

Eligibility Criteria

To apply for the Associate – Insolvency & Bankruptcy Recruitment 2025, candidates must meet the following requirements:

  1. Educational Qualification:
    • LL.B. graduates OR
    • Qualified/Semi-qualified Company Secretary (CS), Chartered Accountant (CA), or Cost & Management Accountant (CMA)
    • Candidates who have completed the Graduate Insolvency Program (GIP) are also eligible
  2. Experience Requirement:
    • Minimum 1 year of post-qualification experience in CIRP and Liquidation under the Insolvency & Bankruptcy Code, 2016
  3. Skills Required:
    • Strong communication skills in English (written and spoken)
    • Proficiency in MS Office tools (Word, Excel, PowerPoint)
    • High standards of integrity and professional conduct
    • Eagerness to learn and contribute to insolvency practice

Key Responsibilities

The selected candidate for the Associate – Insolvency & Bankruptcy Recruitment 2025 at Navneet & Company will be responsible for:

  • Drafting legal documents, pleadings, and reports for NCLT submissions
  • Assisting in creditor meetings (agenda and minutes preparation)
  • Preparing and filing regulatory authority reports
  • Managing communication with stakeholders throughout CIRP and liquidation processes
  • Supporting the Insolvency Professional in all stages of CIRP and liquidation

Salary & Benefits

  • Salary: Not disclosed (negotiable based on qualifications and experience)
  • Work Environment: On-site, full-time at Chandigarh office
  • Learning Opportunities: Exposure to real-time insolvency and restructuring cases handled under IBC

How to Apply

Interested candidates fulfilling the eligibility criteria for the Associate – Insolvency & Bankruptcy Recruitment 2025 may send their updated CV to the official email address:

Early applicants with immediate joining availability will be given preference.


Why Join Navneet & Company?

  • Expert Mentorship: Work directly under Mr. Navneet Gupta, a highly experienced Insolvency Professional, CA, and CMA.
  • Professional Growth: Hands-on exposure to CIRP, liquidation, and NCLT practice.
  • Career Stability: Minimum two-year tenure ensures long-term learning and career-building.
  • Specialized Field: Opportunity to specialize in Insolvency & Bankruptcy law and practice – a rapidly growing professional domain in India.

Important Details

  • Job Title: Associate – Insolvency & Bankruptcy Recruitment 2025
  • Location: Chandigarh
  • Last Date to Apply: Applications will be reviewed on a rolling basis (immediate requirement)
  • Application Email: navneetca22@gmail.com

Conclusion

The Associate – Insolvency & Bankruptcy Recruitment 2025 at Navneet & Company, Chandigarh, is an excellent career-building opportunity for professionals in law, CA, CS, or CMA fields with experience in IBC, CIRP, and liquidation cases. If you are looking for professional growth under the guidance of a highly experienced Insolvency Professional, this role is perfect for you.

Apply today and take the next step in your insolvency and bankruptcy career.

To apply for the Associate – Insolvency & Bankruptcy Recruitment 2025, candidates must meet the following requirements:

  1. Educational Qualification:
    • LL.B. graduates OR
    • Qualified/Semi-qualified Company Secretary (CS), Chartered Accountant (CA), or Cost & Management Accountant (CMA)
    • Candidates who have completed the Graduate Insolvency Program (GIP) are also eligible
  2. Experience Requirement:
    • Minimum 1 year of post-qualification experience in CIRP and Liquidation under the Insolvency & Bankruptcy Code, 2016
  3. Skills Required:
    • Strong communication skills in English (written and spoken)
    • Proficiency in MS Office tools (Word, Excel, PowerPoint)
    • High standards of integrity and professional conduct
    • Eagerness to learn and contribute to insolvency practice

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