https://www.taxtmi.com/caselaws?id=758127 Bombay HC quashed reassessment proceedings for AY 2016-17 against a corporate debtor whose resolution plan was approved under IBC. The court held that once a resolution plan is approved under Section 31(1) of IBC, only debts specified in the plan remain payable, binding all authorities including tax departments. All other dues stand extinguished. Reassessment proceedings relating to pre-resolution plan periods are prohibited and cannot be continued or initiated. The company operates under new ownership on a clean slate post-CIRP completion. en-us Wed, 28 Aug 2024 00:00:00 +0530 Fri, 06 Sep 2024 15:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758127 Bombay HC quashed reassessment proceedings for AY 2016-17 against a corporate debtor whose resolution plan was approved under IBC. The court held that once a resolution plan is approved under Section 31(1) of IBC, only debts specified in the plan remain payable, binding all authorities including tax departments. All other dues stand extinguished. Reassessment proceedings relating to pre-resolution plan periods are prohibited and cannot be continued or initiated. The company operates under new ownership on a clean slate post-CIRP completion. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758127