Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The HC held that all tax liabilities, assessed or unassessed, under the Income Tax Act, 1961, against the dissolved/insolvent company stand waived and extinguished following approval of the Resolution Plan. Reliance on precedent confirmed that upon such extinguishment, issuance of a notice under Section 148 of the Act is impermissible. Consequently, the impugned Section 148 notice issued post-Resolution Plan approval was quashed. The Court declined to examine the merits of the notice, deeming the issue academic due to the extinguishment of tax liabilities. The petition was allowed accordingly.
The HC held that all tax liabilities, assessed or unassessed, under the Income Tax Act, 1961, against the dissolved/insolvent company stand waived and extinguished following approval of the Resolution Plan. Reliance on precedent confirmed that upon such extinguishment, issuance of a notice under Section 148 of the Act is impermissible. Consequently, the impugned Section 148 notice issued post-Resolution Plan approval was quashed. The Court declined to examine the merits of the notice, deeming the issue academic due to the extinguishment of tax liabilities. The petition was allowed accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
