ITAT partly allowed assessee's appeals and remanded matter to AO ...

Penalty proceedings against dissolved company remanded to AO after NCLT approved resolution plan.

January 10, 2025

Case Laws Income Tax AT

ITAT partly allowed assessee's appeals and remanded matter to AO to take necessary steps u/s 156A regarding penalty u/s 271(1)(c) against dissolved company. NCLT had approved resolution plan and granted moratorium under IBC. As per Section 14, after moratorium, pending proceedings against corporate debtor are prohibited. Relying on Supreme Court's decision, ITAT held once resolution plan is approved, claims get frozen and are binding on all stakeholders including government authorities. Since resolution plan was yet to be finalized, matter was remanded to AO.

View Source

← Previous Next →

ITAT partly allowed assessee's appeals and remanded matter to AO ...

Penalty proceedings against dissolved company remanded to AO after NCLT approved resolution plan.

January 10, 2025

Case Laws Income Tax AT

You may also like:

Approval of resolution plan - proceeding for liquidation of the company after non-compliance of approved resolution plan - Relief granted further 30 days given to make...

Validity of Assessment Order u/s 143(3) once the Resolution Plan is approved under the Code - CIRP proceedings under IBC - The resolution plan approved by the NCLT is...

The High Court addressed the validity of an assessment against a company that had been dissolved. The court ruled that demand/penalty notices issued post-approval of the...

Income tax proceedings against company in Liquidation/dissolved The Tribunal noted that once a resolution plan is duly approved by the Adjudicating Authority under...

The High Court held that the Execution Application filed by the Applicant against the Respondent does not survive due to the approved Resolution Plan under the...

Reassessment action initiated against company dissolved after NCLT approved Resolution Plan held invalid; not a case where NCLT moved for recall of approval order or...

Continuation of prosecution proceedings against the company in cases CIRP proceedings where resolution plan has been approved - there is no dispute that a resolution...

Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of...

The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

Rejection of Approval Plan - When Appellant has submitted the Resolution Plan which was approved on 08.11.2018, he cannot just say that he was not aware of the...

Resolution plan approved by Committee of Creditors (CoC) with 97.54% vote share. Commercial wisdom of CoC in approving resolution plan not to be lightly interfered with....

The High Court held that once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan...

Once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan remain payable. This...

Locus Standi of shareholder of the Corporate Debtor to challenge the Resolution Plan - Seeking for forensic audit of the Books of Accounts of the Corporate Debtor, and...

The ITAT Chandigarh addressed the validity of income tax proceedings against a dissolved/insolvent company. The tribunal held that under Section 31 of the Insolvency and...

Quick Updates: