https://www.taxtmi.com/caselaws?id=429182 The Tribunal granted relief for waivers of income tax and GST liabilities accrued during the Corporate Insolvency Resolution Process (CIRP) period and post-closing date, as requested by the Applicant. However, for the waiver of fees and stamp duty for filing Form SH-7 with the Ministry of Corporate Affairs, the Tribunal directed the Applicant to approach the relevant authority under the Companies Act for consideration. Additionally, the Tribunal decided to waive the income tax liability on notional income arising from the Resolution Plan's implementation due to writing back of unpaid dues to creditors in the Corporate Debtor's books. The Tribunal provided the Applicant with a 6-month period post the Closing Date to assess compliance status and extended the Resolution Plan implementation timeframe by 6 months. en-us Fri, 14 Oct 2022 00:00:00 +0530 Thu, 20 Oct 2022 08:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429182 The Tribunal granted relief for waivers of income tax and GST liabilities accrued during the Corporate Insolvency Resolution Process (CIRP) period and post-closing date, as requested by the Applicant. However, for the waiver of fees and stamp duty for filing Form SH-7 with the Ministry of Corporate Affairs, the Tribunal directed the Applicant to approach the relevant authority under the Companies Act for consideration. Additionally, the Tribunal decided to waive the income tax liability on notional income arising from the Resolution Plan's implementation due to writing back of unpaid dues to creditors in the Corporate Debtor's books. The Tribunal provided the Applicant with a 6-month period post the Closing Date to assess compliance status and extended the Resolution Plan implementation timeframe by 6 months. Case-Laws Insolvency and Bankruptcy Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429182