PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
The ITAT ruled that once a resolution plan is approved by the Adjudicating Authority under IBC Section 31(1), it binds all stakeholders including government authorities. In this case, the resolution plan assigned NIL value to income tax dues, which was approved by NCLT and thus binding on the Income Tax Department. The Tribunal held that the National Faceless Appeal Centre should have quashed the impugned assessments rather than dismissing appeals as non-maintainable. The ITAT emphasized that post-resolution, the corporate debtor begins with a "clean slate" under new management. Accordingly, the Tribunal sustained the grounds of appeal and allowed the appeals.
The ITAT ruled that once a resolution plan is approved by the Adjudicating Authority under IBC Section 31(1), it binds all stakeholders including government authorities. In this case, the resolution plan assigned NIL value to income tax dues, which was approved by NCLT and thus binding on the Income Tax Department. The Tribunal held that the National Faceless Appeal Centre should have quashed the impugned assessments rather than dismissing appeals as non-maintainable. The ITAT emphasized that post-resolution, the corporate debtor begins with a "clean slate" under new management. Accordingly, the Tribunal sustained the grounds of appeal and allowed the appeals.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
