Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
HC held that once a Resolution Plan is approved under IBC Section 31(1), only debts specified in the plan remain payable, binding on all authorities. Tax proceedings relating to the period prior to plan approval stand extinguished. The impugned show cause notice and order under Section 73 of CGST Act for Financial Year 2019-20, issued after the Resolution Plan's approval on 26.10.2020, were deemed invalid and without jurisdiction. Consistent with Supreme Court precedent, the tax authorities cannot initiate or continue proceedings for pre-resolution plan dues. The petition was allowed, quashing the impugned SCN and order, effectively recognizing the clean slate principle post-corporate insolvency resolution process.
HC held that once a Resolution Plan is approved under IBC Section 31(1), only debts specified in the plan remain payable, binding on all authorities. Tax proceedings relating to the period prior to plan approval stand extinguished. The impugned show cause notice and order under Section 73 of CGST Act for Financial Year 2019-20, issued after the Resolution Plan's approval on 26.10.2020, were deemed invalid and without jurisdiction. Consistent with Supreme Court precedent, the tax authorities cannot initiate or continue proceedings for pre-resolution plan dues. The petition was allowed, quashing the impugned SCN and order, effectively recognizing the clean slate principle post-corporate insolvency resolution process.
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TaxTMI 
TaxTMI 
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