Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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HC ruled that ex-parte tax assessment against a corporate debtor post-CIRP resolution plan approval is impermissible. The court held that once the NCLT approves a resolution plan, subsequent claims by creditors are barred to preserve the integrity of the insolvency resolution process. The tax department's argument of lack of awareness was rejected, as the corporate debtor had previously communicated the resolution plan approval. The court emphasized that initiating fresh tax demands after NCLT's resolution plan approval would fundamentally undermine the Corporate Insolvency Resolution Process, thereby protecting the sanctity of the resolution mechanism and ensuring finality in corporate restructuring.
HC ruled that ex-parte tax assessment against a corporate debtor post-CIRP resolution plan approval is impermissible. The court held that once the NCLT approves a resolution plan, subsequent claims by creditors are barred to preserve the integrity of the insolvency resolution process. The tax department's argument of lack of awareness was rejected, as the corporate debtor had previously communicated the resolution plan approval. The court emphasized that initiating fresh tax demands after NCLT's resolution plan approval would fundamentally undermine the Corporate Insolvency Resolution Process, thereby protecting the sanctity of the resolution mechanism and ensuring finality in corporate restructuring.
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