https://www.taxtmi.com/caselaws?id=753306 The ITAT Chandigarh held that income tax proceedings against a company undergoing corporate insolvency resolution are invalid when claims relate to periods prior to resolution plan approval. Following Tata Steel Ltd. precedent, the tribunal ruled that statutory dues including income tax liabilities can only be paid according to resolution plan terms. Claims not included in or properly lodged with the resolution professional stand extinguished under Section 31 of the Insolvency and Bankruptcy Code, 2016. The Code's provisions override inconsistent provisions in other statutes including the Income Tax Act, 1961, as confirmed by SC in Ghanashyam Mishra case. en-us Mon, 27 May 2024 00:00:00 +0530 Wed, 29 May 2024 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753306 The ITAT Chandigarh held that income tax proceedings against a company undergoing corporate insolvency resolution are invalid when claims relate to periods prior to resolution plan approval. Following Tata Steel Ltd. precedent, the tribunal ruled that statutory dues including income tax liabilities can only be paid according to resolution plan terms. Claims not included in or properly lodged with the resolution professional stand extinguished under Section 31 of the Insolvency and Bankruptcy Code, 2016. The Code's provisions override inconsistent provisions in other statutes including the Income Tax Act, 1961, as confirmed by SC in Ghanashyam Mishra case. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753306