https://www.taxtmi.com/caselaws?id=755921 The HC quashed interest charges under sections 234A, 234B, and 234C of the Income Tax Act imposed post-Corporate Insolvency Resolution Process. The court held that once a resolution plan is approved under section 31(1) of IBC, all claims not included in the plan stand extinguished and frozen. The Assessing Officer could only verify tax inclusion in the resolution plan but improperly charged additional interest totaling over Rs. 10 crores without notice. Following SC precedents in Ghanashyam Mishra and Ruchi Soya cases, the court ruled no claims can be made against parties for amounts not part of the approved resolution plan. The demand notice and assessment order were quashed, with refund directed. en-us Fri, 24 Nov 2023 00:00:00 +0530 Mon, 22 Jul 2024 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755921 The HC quashed interest charges under sections 234A, 234B, and 234C of the Income Tax Act imposed post-Corporate Insolvency Resolution Process. The court held that once a resolution plan is approved under section 31(1) of IBC, all claims not included in the plan stand extinguished and frozen. The Assessing Officer could only verify tax inclusion in the resolution plan but improperly charged additional interest totaling over Rs. 10 crores without notice. Following SC precedents in Ghanashyam Mishra and Ruchi Soya cases, the court ruled no claims can be made against parties for amounts not part of the approved resolution plan. The demand notice and assessment order were quashed, with refund directed. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755921