Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
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Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT held that the income-tax demand against the insolvent/dissolved assessee for Assessment Year 2016-17 is extinguished under Section 31(1) of the IBC because the liability predates approval of the resolution plan. Reliance on binding precedent of the SC affirmed that pre-plan claims, including statutory dues, do not survive once a resolution plan is approved. Consequently, the appeal against the assessment demand was rendered infructuous and dismissed on that basis. The order disposes of the revenue's recovery action insofar as it seeks to enforce pre-plan tax liabilities, leaving intact the legal effect of the approved resolution plan in extinguishing antecedent claims.
ITAT held that the income-tax demand against the insolvent/dissolved assessee for Assessment Year 2016-17 is extinguished under Section 31(1) of the IBC because the liability predates approval of the resolution plan. Reliance on binding precedent of the SC affirmed that pre-plan claims, including statutory dues, do not survive once a resolution plan is approved. Consequently, the appeal against the assessment demand was rendered infructuous and dismissed on that basis. The order disposes of the revenue's recovery action insofar as it seeks to enforce pre-plan tax liabilities, leaving intact the legal effect of the approved resolution plan in extinguishing antecedent claims.
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