2025 (12) TMI 76 - SCH - Income Tax

SC affirms resolution plan finality, bars post-approval tax revisions under s.263 against insolvent companies entirely

SC dismissed the revenue's SLP challenging the order relating to revision under s.263 against an insolvent company. Relying on its earlier decision on the ... Revision u/s 263 against company insolvent - binding nature of an approved Resolution Plan on statutory dues - Revenue very fairly states that this matter is covered by decision of this Court in the case of Vaibhav Goel & Anr. [2025 (3) TMI 1052 - SUPREME COURT] held once the Resolution Plan is approved by the NCLT, no belated claim can be included therein that was not made earlier. If such demands are taken into consideration, the appellants will not be in a position to recommence the business of the CD on a clean slate. In view of the above, the Special Leave Petition stands dismissed. The Supreme Court condoned the delay in filing the Special Leave Petition (SLP) but declined to interfere with the impugned order. The Revenue's counsel expressly stated that the controversy in this matter is covered by the Court's earlier decision in 'Vaibhav Goel & Anr. v. Deputy Commissioner of Income Tax & Anr. (2025 INSC 375).' Accepting this position, the Court held that, 'In view of the above, the Special Leave Petition stands dismissed.' Thus, the dismissal is grounded on the binding precedent in *Vaibhav Goel*, reflecting application of stare decisis where the issues are identical or substantially similar. All pending applications were also disposed of as a consequence of the SLP's dismissal.