Assessment/reassessment proceedings against an insolvent company ...

Corporate tax dues wiped out after insolvency resolution plan's approval.

Case Laws Income Tax

October 23, 2024

Assessment/reassessment proceedings against an insolvent company were quashed. A resolution plan was approved by the Tribunal u/s 30(6) of the Insolvency and Bankruptcy Code. The claim lodged by the Deputy Commissioner of Income Tax was verified and admitted during the NCLT proceedings. As per the Code's provisions, no person can initiate or continue proceedings regarding claims for dues relating to the period prior to the resolution plan's approval. Consequently, the Assessment Order passed u/ss 147, 144, and 144B, the order u/s 148A(d), and the notices u/s 148A(b) were quashed and set aside, favoring the assessee.

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Assessment/reassessment proceedings against an insolvent company ...

Corporate tax dues wiped out after insolvency resolution plan's approval.

Case Laws Income Tax

October 23, 2024

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