Income tax claims against dissolved companies nullified post-CIRP under IBC if not lodged timely by revenue authorities.

Income tax claims against dissolved companies nullified post-CIRP under IBC if not lodged timely by revenue authorities. https://www.taxtmi.com/highlights?id=72913 Recovery of Income tax demand with penalty against company dissolved - Conclusion of CIRP proceedings under IBC - Extinguishment of liability as per the approved resolution plan - Since the revenue failed to lodge its claims, the impugned demands raised by the revenue stand automatically extinguished. - HC en-us Sun, 05 Nov 2023 10:51:53 +0530 Sun, 05 Nov 2023 10:51:53 +0530 TaxTMI RSS Generator Income tax claims against dissolved companies nullified post-CIRP under IBC if not lodged timely by revenue authorities. https://www.taxtmi.com/highlights?id=72913 Recovery of Income tax demand with penalty against company dissolved - Conclusion of CIRP proceedings under IBC - Extinguishment of liability as per the approved resolution plan - Since the revenue failed to lodge its claims, the impugned demands raised by the revenue stand automatically extinguished. - HC Highlights Income Tax Sun, 05 Nov 2023 10:51:53 +0530 https://www.taxtmi.com/highlights?id=72913