Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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 
of 4827 
Join Channel 
